As hurricane season peaks and wildfire risks remain high, the IRS urges individuals and businesses 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. Keeping updated records can speed up recovery and make it easier to apply for disaster assistance and emergency relief if a disaster strikes.
Safeguard important records
Store essential documents like tax returns, birth certificates, Social Security cards, insurance policies, and property titles in waterproof, fireproof containers. Create digital backups and consider keeping copies with a trusted contact outside the disaster-prone area.
Inventory property and assets
Maintain a detailed list of personal and business property. Photos, videos and written descriptions (including make, model and year) can support insurance and tax claims. IRS disaster loss workbooks can help individuals and businesses catalog possessions and business equipment.
Reconstruct records if needed
If original documents are lost, banks and other institutions usually can provide electronic copies.
The IRS offers resources to help reconstruct records.
Employers: Review payroll protections
Employers should confirm their payroll service providers have a fiduciary bond for added protection. Any business can create an Electronic Federal Tax Payment System account to make secure, trackable online or phone payments, vital if displaced during a disaster. Visit EFTPS.gov to enroll.
IRS disaster relief is available
When a federal disaster is declared, the IRS often delays filing and payment deadlines. Relief is automatically applied based on the IRS address of record. Taxpayers outside affected areas, including relief workers or those with impacted tax records, may request assistance by calling 866-562-5227.
Uninsured disaster losses can be deducted on the tax return for the year of the loss or the prior year. See Publication 547, Casualties, Disasters, and Thefts for details.