Federal Tax, Tax

Prepare an Emergency Plan for Your Business

Is there an emergency plan in place for your business? As Americans deal with hurricanes and other disasters, the IRS is reminding them to prepare. Update, secure and duplicate essential tax and financial documents. You may need them to support insurance claims or apply for tax benefits. Compile lists of business equipment and belongings. IRS.gov has disaster loss workbooks for that purpose. If you use a payroll service provider, check to see if they have a fiduciary bond in place to protect your business if the provider defaults. If you don’t already use the Electronic Federal Tax Payment System for payroll deposits and other tax payments, consider signing up here: https://bit.ly/3sFBnQ5