On May 3, 2024, the Internal Revenue Service (IRS) issued a reminder to business owners to update emergency preparedness plans on an annual basis to ensure protection of company financial records. The U.S. Department of Homeland Security’s (DHS), Ready.gov website has emergency preparedness plan checklists and resources available.
Since business situations are constantly changing, emergency preparedness plans need to be reviewed and updated annually at a minimum. Vital records and financial information should be kept in a safe place. Copies of bank statements, tax returns, insurance policies, pictures, and videos of all properties and possessions, along with agent contact information should be stored off-site. Taking pictures and videos before disaster strikes will ensure easier insurance claim and tax benefits. In addition, if original documents are available only on paper, taxpayers should use a scanner and save them on a USB flash drive or in the cloud.
SPS/GZ is a full-service tax reporting firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to business clients of all sizes. We create and e-file Forms 1098-T, 1042-S, and 1099 online filing, Affordable Care Act tax forms, and Forms 3921 and 3922. For more information, reach out to us at sales@greenzapato.com or call at (888)375-3049. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today!