With the 2009 hurricane period approaching the IRS gives few suggestions for individuals to take few steps. These can make things easier at the time of distress.
Make a Back Up Record:
Tax payers should always have a set of back up records for important documents like bank statements, tax returns, insurance policies and other statements. With the advent of technology it’s much easier to scan the documents and store it in the electronic medium as a back up. Make sure that the originals are kept away from the back up records.
Record of Valuables:
Tax payers can also video tape the entire room for all valuable items present. Publication 584 has provisions for this. A photographic record is sufficient to claim for the loss. This record must be in custody of a relative or friend who lives away from your locality.
Keep the emergency plan updated:
It is necessary to keep the emergency plan updated. Possibility of business and personal plans getting altered over time is possible. Hence if new employees are hired or the firm changes certain rules, it should be updated immediately.
Fiduciary Bond:
Employers making use of payroll service should make sure if the provider has fiduciary provider in place. In the situation of default caused by the service provider, this could come to the aid of the employer.
In situations of disaster a victimized taxpayer could call 1-866-562-5227 to get assistance from IRS.
