The Internal Revenue Service (IRS) emphasizes the importance of safeguarding tax and financial information as part of disaster preparedness. With recent natural disasters prompting 25 major disaster declarations so far in 2024, the IRS advises on key measures to protect and secure important documents against natural and man-made emergencies.
Individuals should store original documents like tax returns, Social Security cards, and property deeds in waterproof containers and to keep copies in a secondary, secure location. Digital copies of important documents should also be stored on external devices such as flash drives for portability and ease of access after a disaster.
Additionally, documenting high-value items through photos or videos is recommended. This documentation can assist in insurance claims or tax benefits post-disaster. The IRS has specific workbooks for recording personal and business property losses.
Employers are reminded to ensure their payroll service providers have adequate fiduciary bonds to safeguard against defaults, especially during disasters which might disrupt tax deposit schedules.
The IRS also automatically provides tax relief to taxpayers in federally declared disaster areas, postponing certain tax obligations to aid recovery. Employers impacted by disasters can consult IRS resources or contact the IRS disaster hotline for further assistance and information on qualifying for disaster tax relief.
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