Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has released guidance encouraging taxpayers to safeguard themselves during the 2009 hurricane season. The Service suggests that taxpayers keep an extra set of records, preferably electronic records, in a location separate from their storage of original documents. The IRS also recommends that taxpayers take pictures or videos of items in their homes in order to more easily document items lost in a disaster. Finally, the IRS encourages employers to update emergency plans as needed and to ask payroll service providers if they have fiduciary bonds in place in the event of default by the provider.

  If a disaster occurs, the IRS has specialists available who are trained to handle disaster-related issues at (866) 562-5227. The IRS can also provide copies or transcripts of tax returns at no cost to taxpayers located in federal disaster areas.

IR-2009-61,
2009FED ¶46,408

Other References:

 
Code Sec. 165

  CCH Reference - 2009FED ¶10,005.42

 
Code Sec. 6001

  CCH Reference - 2009FED ¶35,111.30

 
Code Sec. 7508A

  CCH Reference - 2009FED ¶42,687C.101

  Tax Research Consultant

  CCH Reference - TRC BUSEXP: 30,104.10
CCH Reference - TRC FILEBUS: 15,110
CCH Reference -
TRC IRS: 9,300