Natural disasters can strike with little warning. As wildfire and hurricane season ramps up, the IRS is reminding taxpayers to safeguard their essential tax and financial records. Taking steps now to protect your documents can help you recover faster if disaster hits your home or business.
Why It Matters
Losing your records in a fire, flood, earthquake, or other emergency can slow down relief or recovery. Having access to key information, like tax returns, insurance policies, and property records, can make the process of claiming relief and rebuilding much easier.
Steps to Keep Your Records Safe
1. Create Electronic Copies of Important Documents
Make digital copies of your tax returns, insurance policies, deeds, titles, and other critical paperwork. Store these files in a secure, cloud-based account or encrypted drive. If disaster strikes, you’ll be able to retrieve them anywhere you have an internet connection.
2. Keep Paper Copies in a Safe Place
If you prefer paper records, keep them in a waterproof and fireproof container. Consider storing copies in more than one location for added security.
3. Document Your Valuables
Photograph or video your home and possessions. Having a visual record will help support claims for insurance or tax benefits, such as deductions for losses. Keep these images with your digital records.
IRS Resources for Disaster Victims
If you are affected by a federally declared disaster, the IRS offers special assistance:
- Tax Relief: Find out about relief available in disaster situations at the IRS Disaster Relief page.
- Tax Transcripts: Need to reconstruct your tax records? You can request free tax return transcripts online at Get Transcript, by calling 800-908-9946, or by mailing Form 4506-T, Request for Transcript of Tax Return.
- Request Copies of Tax Returns: For full copies, use Form 4506, Request for Copy of Tax Return. The IRS may waive fees for disaster victims.
- Filing a Casualty Loss Claim: For information about claiming losses, see Publication 547, Casualties, Disasters, and Thefts or contact us for guidance.
In many disaster cases, the IRS will waive fees and expedite requests for copies of previously filed returns.
Be Prepared! We Can Help
Don’t wait for a disaster to test your preparedness. Protecting your important records is a simple step that can make a big difference if the unexpected happens.
If you need guidance on which documents to keep, how to organize your records, or what to do if you’ve already suffered a loss, we’re here to help. Our team at Torkelson & Associates CPAs is ready to support you with disaster planning, recordkeeping, and tax relief options.
Questions about disaster preparedness, lost records, or IRS disaster relief? Contact us today.
Read the original IRS newsroom article: IRS Reminder: Protect important records in case a natural disaster strikes