IRS Issued Reminder To Taxpayers Regarding The Importance Of Safeguarding Tax Records

IRS has issued a reminder to taxpayers regarding the importance of safeguarding tax records which could be placed at risk in the event of a natural disaster. (IR 2011-59) The agency offered a number of important recommendations, including the following – create a backup set of records that are stored away from the original set; document valuables by photographs or videos, and use Publication 584 as a tool; update emergency plans; and, in the case of employers who use payroll service providers, ask the provider if it has a fiduciary bond in place.