Because a natural disaster can strike any time, Account On Us is reminding individuals and businesses to take time now and create or update their emergency preparedness plan.
During 2018, the IRS has offered tax relief and assistance to millions of victims of natural disasters, including hurricanes, severe storms, flooding, tornados, wildfires, high winds, tropical storms, an earthquake and a volcano.
Individuals, families and businesses begin getting ready for a disaster with a preparedness plan that includes key documents, lists of belongings and property.
Copies of key documents
Original documents, including bank statements, tax returns, deeds, titles and insurance policies, should be kept in a safe place in waterproof containers. A duplicate set of key documents should be kept with a family member or trusted friend outside the area the disaster may affect. Rather than copy paper documents, scanning them for backup storage on a hard drive, flash drive, CD or DVD takes less space. Many financial institutions provide statements and documents electronically.
Document valuables and equipment
Photographs or videos of the contents of any home or business, especially high value items, can help support claims for any available insurance or tax benefits should a disaster strike. The IRS has a disaster-loss workbook for individuals (Publication 584, Casualty, Disaster, and Theft Loss Workbook) and businesses (Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook) that can help people compile lists of belongings or business equipment. Images may fit on the same storage device as electronic documents.
Check on fiduciary bonds
Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.
Account On Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. If you have a personal tax or accounting need, please contact Osceola County’s most trusted accounting service, tax preparation and payroll service provider. Call us today at (407) 892-1066 or contact Account On Us today! We are here to help!
Find other hurricane preparedness tips and more information about Hurricane Preparedness Week on the National Weather Service web site.
Kua’s Hurricane handbook —-> https://kua.com/hurricane-safety/