Disaster recovery preparation is an important part of business planning. The IRS offers tips for steps business owners should follow to reconstruct records after a disaster event.
According to the IRS, businesses should:
- Create a tip of lost inventories. To do this, business owners can get copies of invoices from suppliers (which should date back at least one calendar year).
- Keep information about income. Business owners can get copies of last year’s federal, state and local tax return. These include sales tax reports, payroll returns, and business licenses.
- Maintain photos of equipment and inventory. Business owners may want to keep relevant photos on their mobile phones.
The IRS has a disaster recovery assistance hotline which can be reached at 866-562-5227.