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JK Harris Urges Taxpayers to Protect Themselves, Records From Disaster
N. CHARLESTON, S.C -- Hurricane season is upon us again, and JK Harris & Company representatives strongly recommend taxpayers to protect themselves and their financial and tax records in case of hurricanes or other disasters.
The big question, however, is how does one go about protecting these valuable records from being destroyed?
“Make two copies of everything,” said Charlie Jones, Chief Compliance Officer with JK Harris. “Have a redundant set. The probability of both sets being destroyed is unlikely.”
The important thing to remember about keeping two copies of records is to not have both sets stored in the same place, decreasing the chance of both being destroyed.
Jones, who also worked for the IRS for 30 years including 27 in the Collections Division, suggests keeping one set in the house, maybe in a fireproof box, and the other in a bank safe deposit box. Another good idea is to send the second copy to a family member who lives in a different city or state and would not be directly affected by the disaster.
In these days of technology, documents can also be kept in an electronic format such as on a CD. It is also recommended to photograph or videotape the contents of your home, which can assist in proving the market value of items.
If documents, such as W2s or 1099s, are lost, they can be obtained from the IRS, through the Information Reporting Program (IRP). But be careful when contacting the IRS.
“Be as clear as you possibly can when you ask the IRS for what it is you want,” Jones said. “Be sure to specify exactly what it is you’re asking for.”