Blog

Get a Free Consultation

Welcome to our Blog

Stay up to date with the latest in the tax world!

As hurricane season nears, IRS reminds people to prepare for natural disasters

Thursday, May 06, 2021

 

WASHINGTON — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Weekand
is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness
plans for surviving natural disasters.

In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms,
flooding, wildfires and an earthquake. Individuals, organizations and businesses should take time now to make or update their emergency plans.

Secure key documents and make copies

Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles and insurance policies inside waterproof containers
in a secure space. Duplicates of these documents should be kept with a trusted person outside the area of the taxpayer. Scanning them for backup
storage on electronic media such as a flash drive is another option that provides security and portability.

Document valuables and equipment

Current photos or videos of a home or business’s contents can help support claims for insurance or tax benefits after a disaster. All property, especially
expensive and high value items, should be recorded. The IRS disaster-loss workbooks in Publication 584can
help individuals and businesses compile lists of belongings or business equipment.

Employers should check 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. The IRS reminds employers to carefully choose their payroll service providers.

Rebuilding documents

Reconstructing records after a disaster may be required for tax purposes, getting federal assistance or insurance reimbursement. Those who have lost
some or all their records during a disaster can visit IRS’s Reconstructing Records webpage as one of their first steps.

IRS stands ready

After FEMA issues a disaster declaration, the IRS may postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business
in the disaster area. There is no need to call the IRS to request this relief. The IRS automatically identifies taxpayers located in the covered
disaster area and applies filing and payment relief. Those impacted by a disaster with tax-related questions can contact the IRS at 866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues.

Taxpayers who do not reside in a covered disaster area, but suffered impact from a disaster should call 866-562-5227 to find out if they qualify for disaster tax relief and to discuss other available options.

Find complete disaster assistance and emergency relief details for both individuals and businesses on our Around the Nationwebpage on IRS.gov. The
FEMA Prepare for Disasters web page includes information to Build a Kit of emergency supplies.

 

Advocates of Love Charity

When you signup with Alliance Tax Solutions, a portion of our proceeds go to support this amazing organization

Advocates of Love is the only children’s home to help orphan and vulnerable children in the Samana Province, Dominican Republic. Founded by Mike Clark in 2013, this charity has provided care and eduction for children in one of the most povery stricken areas.

Click Here To Learn More

 

CALL TODAY (833) 452-0411 FOR TAX HELP, OR LET US CONTACT YOU

Error: Contact form not found.

“By entering your phone number and clicking the “Get Started” button, you provide your electronic signature and consent for Alliance Tax Solutions or its service providers to contact you with information and offers at the phone number provided using an automated system, pre-recorded messages, and/or text messages. Consent is not required as a condition of purchase. Message and data rates may apply.”

Contact Us Now