The Internal Revenue Service (IRS)has issued Tax Tip 2025-31. In this issue, business owners and individual taxpayers are strongly encouraged to review emergency preparedness plans on an annual basis, including electronic and physical copies of vital records and financial information.
Recommendations:
- Update emergency preparedness plan annually
Ready.gov is a great resource to help businesses and individuals create emergency preparedness plans. - Save electronic copies of documents
Important documents to include bank statements, tax returns, and insurance policies need to be kept electronically and physically. Most financial institutions provide statements and documents electronically. If only original physical documents are available, the recommendation is to use a scanner and save them on a USB flash drive offsite or safely in the cloud. - Document valuables
Take inventory. Documenting valuables by taking photographs or videoing them before disaster strikes makes it easier to claim insurance and tax benefits. A disaster recovery workbook is available on IRS.gov to help taxpayers compile a department-by-department or room-by-room list of belongings. - Tax relief available for disaster situations.
Disaster-related questions can be answered by calling the IRS Special Services Hotline at 866-562-5227 to speak with an IRS specialist trained to handle disaster issues.
Lost tax documents or tax transcripts can be ordered by requesting copies of previously filed tax returns and attachments through Get transcript on IRS.gov, by filing Form 4506, Request for Copy of Tax Return or by calling 800-908-9946.
Since 2001, SPS/GZ has provided stock plan administration and tax reporting expertise & support for companies of all sizes, private or public, with flexible pricing models to accommodate all budgets. We are a full-service tax reporting firm that includes 1099 online filing services. Known for personalized service and exceptional support, while utilizing state-of-the-art technology, we create and e-file various 1099s, Forms 1098-T and 1042-S, Affordable Care Act tax forms, and Forms 3921 and 3922 for clients of all sizes. For more information, reach out to us at sales@greenzapato.com or call us at (888)375-3049. Contact us today!
