IRS Reminds Taxpayers to Plan for Disasters and Protect Key Records

Keeping in mind that the hurricane season that is now in full swing, the BP Gulf oil rig explosion, and various flooding and forest fire incidents around the country, individual and business taxpayers are being urged to undertake disaster preparation by safeguarding important records. In this vein, IRS suggests a broad range of actions to take, including: utilizing paperless recordkeeping for financial and tax records; documenting valuables and business equipment; checking on fiduciary bonds; ensuring there is continuity of operations planning for businesses; and updating emergency plans. IRS has a very useful article on disaster preparation that can be found at http://www.irs.gov/businesses/small/article/0,,id=180547,00.html?portlet=7.