September is National Preparedness Month, a nationwide campaign led by FEMA to remind us, that storms, floods, and other unexpected events can disrupt our lives with little warning. With hurricane season in full swing, and with threats like flooding and severe winter storms always a possibility, this is the perfect time to pause and review your emergency plan.

Why It Matters

Preparedness Month highlights four focus areas: creating an emergency plan, building a supply kit, knowing your risks, and staying informed.

At Teal, Becker & Chiaramonte, we believe there is one more step worth taking: keeping your financial records safe and organized. Doing so not only speeds up recovery after a disaster but also makes insurance claims easier and ensures you are ready if the IRS provides tax relief.

IRS Recommendations for Taxpayers and Businesses

• Safeguard Records: Store essential documents such as tax returns, insurance policies, and property titles in waterproof, fireproof containers. Keep digital backup somewhere safe and offsite.
• Inventory Property: Use photos, videos, and written lists to document household and business assets. IRS disaster loss workbooks can help organize information.
• Reconstruct Records: If documents are lost, financial institutions and the IRS can provide replacements.
• Payroll & Employers: Check that your payroll provider has a fiduciary bond for protection. Businesses can use the Electronic Federal Tax Payment System (EFTPS) to securely make payments online or by phone, ensuring access even if displaced.
• IRS Disaster Relief: When a federal disaster is declared, the IRS often postpones filing and payment deadlines automatically. If you are outside the affected area but still impacted, you can call 866-562-5227 for help.

Practical Tips from TBC

• Keep Teal, Becker & Chiaramonte’s contact info in your emergency folder. Having a direct line to professional support can save time when it matters most.
• Keep copies of IDs, health insurance cards, prescriptions, and emergency contacts in your kit.
• Use secure cloud storage or encrypted USB drives for digital records.
• Maintain current accounting and payroll records, they may be critical for insurance claims and SBA disaster loan applications.

How We Can Help

At Teal, Becker & Chiaramonte, we understand that disasters do not just affect your property and belongings, they also affect your financial records and tax obligations. Our team can:

• Provide replacement copies of tax returns from our records;
• Review your recordkeeping systems to ensure vital tax documents are protected;
• Assist with reconstructing records, if needed; and
• Guide you through IRS disaster relief provisions and available deductions.

Final Thought

No one likes to think about “what if,” but a little preparation now can save hours of stress later. If you would like a professional review of your records and guidance on strengthening your tax readiness plan, please feel free to contact your trusted TBC advisor.

Additional Resources

• Ready.gov – National Preparedness Month – https://www.ready.gov
• IRS Tax Relief in Disaster Situations – https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
• DisasterAssistance.gov – https://www.disasterassistance.gov
• SBA Disaster Assistance – https://www.sba.gov/funding-programs/disaster-assistance
• FEMA – https://www.fema.gov

by: Tobie Schlosstein, JD, MPA