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IRS Tax Tips May 3, 2024
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Issue Number: Tax Tip 2024-44
*Emergency preparedness plans for businesses should include financial records*
When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information.
Here are some things everyone can do to help protect their financial records.
*Update emergency preparedness plan annually
*Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S. Department of Homeland Security's Ready.gov [ [link removed] ] website has resources and checklists to help people put together their emergency preparedness plan.
*Create electronic copies of documents
*Taxpayers should keep important documents in a safe place. This includes bank statements, tax returns and insurance policies. This is especially easy now since many financial institutions provide statements and documents electronically. If original documents are available only on paper, taxpayers can use a scanner and save them on a USB flash drive or in the cloud.
*Document valuables*
Documenting valuables by taking pictures or videoing them before disaster strikes makes it easier to claim insurance and tax benefits. IRS.gov has a disaster loss workbook [ [link removed] ] that can help taxpayers compile a room-by-room list of belongings.
*Tax relief available for disaster situations
*Information on Disaster Assistance and Emergency Relief for Individuals and Businesses [ [link removed] ] is available at IRS.gov. Taxpayers should also review Publication 547, Casualties, Disasters and Thefts [ [link removed] ].**
Taxpayers who live in a federally declared disaster area can visit Around the Nation [ [link removed] ] on IRS.gov and click on their state to review the available disaster tax relief. Those who live in counties qualifying for disaster relief receive automatic filing and payment postponements for many currently due tax returns and don't need to contact the agency to get relief.
People with disaster-related questions can call the IRS Special Services Hotline at 866-562-5227 [ tel:866-562-5227 ] to speak with an IRS specialist trained to handle disaster issues.
If people have lost their tax documents, they can order tax transcripts or request copies of previously filed tax returns and attachments through Get Transcript [ [link removed] ] on IRS.gov, by filing Form 4506, Request for Copy of Tax Return [ [link removed] ] or by calling 800-908-9946 [ tel:800-908-9946 ].
*More information*:
Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook [ [link removed] ]
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