By Katie Northcott
Amid hurricane season and high wildfire risks, the Internal Revenue Service urges individuals to create or update their emergency preparedness plans as part of National Preparedness Month.
“Disaster readiness starts with safeguarding critical documents, recording valuables and knowing how to access IRS support,” the IRS said in a press release. “Keeping updated records can speed up recovery and make it easier to apply for disaster assistance and emergency relief if a disaster strikes.”
The IRS recommends storing important documents like tax returns, birth certificates, Social Security cards, insurance policies, and property titles in waterproof, fireproof containers. Additionally, these documents should have digital backups. The IRS also encourages businesses and individuals to maintain an inventory of property and assets. Employers should review payroll protections.
The IRS offers disaster relief and resources to help reconstruct records. The IRS may delay filing if a federal disaster is declared and automatically apply relief. Uninsured disaster losses can be deducted on the tax return for year of the loss or the prior year. Taxpayers outside affected areas, including relief workers and those with impacted tax records, may request assistance by calling 866-562-5227.
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