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May 02, 2008

IRS Web site offers disaster relief information to small businesses

By Craig Palmer
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Washington -- A dedicated IRS small business and self employed Web site offers taxpayer information on disaster relief with links to National Weather Service information on the hurricane season. The electronic storms and taxes exchange features Hurricane Preparedness Week May 25-31.

The IRS package updates the tax relief available for storm and flooding victims this year in Arkansas, Georgia, Illinois, Kentucky, Missouri and Tennessee with state-specific links. "IRS has information available to assist both business owners and individuals on ways to prepare for a disaster," the tax site says.

The American Dental Association offers guidance on disaster planning and recovery here.

Among IRS tips for individuals and businesses on preparing for a disaster, with greater detail at the site:

  • take advantage of paperless recordkeeping for financial and tax records;
  • document valuables and business equipment;
  • check on fiduciary bonds;
  • continuity of operations planning for businesses;
  • update emergency plans.

"The IRS has valuable information you can request if your records are destroyed," says the taxpayer Web site. The goal of the storm preparedness Web site is to inform the public about hurricane hazards and to provide knowledge that can be used to take action and save lives.

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