From Carol McAtee’s CPA firm in St. Petersburg, FL – Hurricane Season is under way and now is the time to safeguard your tax records by taking these few simple steps.
Create a Backup Set of Records Electronically:
You should keep a set of backup records in a safe place and should be stored away from the original set. Consider using an online backup where files are stored in another region of the country – so if a hurricane or other natural disaster occurs, your documents remain safe.
Document Valuables:
Another step you can take to prepare for disaster is to photograph or videotape the contents of your home, especially items of higher value. A photographic record can help 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, or in your online backup solution.
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.
McAtee & Associates is here to help. If disaster strikes, contact us right away. We can help you get back copies of tax returns and all attachments, including Forms W-2.
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
