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Miami Accountant Advises Safeguarding Tax Records against Hurricanes

Miami Accountant Advises Safeguarding Tax Records against Hurricanes

Create a Backup Set of Records Electronically. Taxpayers and Miami Accountants should keep a set of backup records in a safe place. The backup should be stored away from the original set.

Keeping a backup set of records—including, for example, bank statements, tax returns, insurance policies, etc.—is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Miami Accountant advises to scan into an electronic format the original records and not rely only on paper. With documents in electronic form, taxpayers can download them to a backup storage device, like an external hard drive, or burn them to a CD or DVD.

Document Valuables

Another step a taxpayer or tax practitioner can take to prepare for a disaster is to photograph or videotape the contents of his or her home, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help taxpayers and Miami Accountant alike compile a room-by-room list of belongings.

A photographic record can help an individual 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.

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.

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Fiat money

Fiat money is made legal tender by a government decree or fiat. It does not have intrinsic value. It has value only because a government maintains its value

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