With Dorian incoming, those of us in hurricane prone states are aware that hurricane season is now upon us. While you are already doing the best you can to protect yourself, these few tips can help you and your financial documents stay above water.

  1. Step One – Copy and Secure Key Documents
    1. Taxpayers should store vital documents such as birth certificates, tax returns, insurance policies, deeds, and titles inside waterproof containers somewhere secure. Store duplicates with a trusted person outside of the area that could be affected by the disaster.
    2. Scan these documents and keep them on an electronic device like a flash drive is also a good measure.
  2. Step Two – Document Your Valuables and Equipment
    1. Take photographs of your home and/or business, especially high value items, to help support potential insurance claims.
  3. Step Three – Employers Check Fiduciary Bonds
    1. Employers who have a payroll service provider should check to see if they have a fiduciary bond in place in the event of a default by the PSP. The IRS also encourages you to create an EFTPS account so you can monitor payroll tax deposits.
  4. Step Four – Rebuilding Documents
    1. Reconstructing your records may become necessary for tax purposes, getting insurance reimbursement, or financial assistance. If you lose some of your records, visit the IRS’s Reconstructing Records webpage.
  5. Step Five – Contact the IRS
    1. In case of a federally declared disaster, you can visit the IRS webpage or call 866-562-5227 to speak with an IRS agent.

If you run into any issues associated with a natural disaster and you do not know where to start, give us a call at 281-655-3297 or email us at info@ramdasaccounting.com.