WASHINGTON
— With the 2009 hurricane season now underway, the Internal Revenue Service
encourages individuals and businesses to safeguard themselves by taking a few
simple steps.
Create a Backup Set of Records Electronically
Taxpayers
should keep a set of backup records in a safe place. The backup should be stored
away from the original set.
Keeping a backup set of records
–– including, for example, bank statements, tax returns, insurance policies
home, etc. –– is easier now that many financial institutions provide
statements and documents electronically, and much financial information is available
on the Internet. Even if the original records are provided only on paper, they
can be scanned into an electronic format. With documents in electronic form, taxpayers
can download them to a backup storage device, like an external hard drive, or
burn them to a CD or DVD.
Document Valuables
Another
step a taxpayer can take to prepare for disaster is to photograph or videotape
the contents of his or her home, especially items of higher value. The IRS has
a disaster loss workbook, Publication
584, which can help taxpayers compile a room-by-room list of belongings.
A
photographic record can help an individual prove the market value of items for
insurance and casualty loss claims. Photos should be stored with a friend or family
member who lives outside the area.
Update Emergency
Plans
Emergency plans should be reviewed annually.
Personal and business situations change over time as do preparedness needs. When
employers hire new employees or when a company or organization changes functions,
plans should be updated accordingly and employees should be informed of the changes.
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.
IRS
Ready to Help
If disaster strikes, an affected taxpayer
can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related
issues.
Back copies of tax returns and all attachments,
including Forms W-2, can be requested by filing Form
4506, Request for Copy of Tax Return. Likewise, transcripts can be ordered
using Form
4506-T, Request for Transcript of Tax Return. Returns or transcripts can also
be ordered by calling 1-800-829-1040.
There is no fee for
a transcript or tax return copy for a taxpayer located in a federal disaster area
qualifying for individual assistance. Taxpayers should put the assigned Disaster
Designation in red ink at the top of the request form.
