Tag Archives: collect

How you should store tax documents, cash in case of natural disasters

As you collect W2s, 1099s and other tax documents, you may as well prepare an emergency financial first-aid kit: You never know when a pandemic, blackout, superstorm, fire or cyberattack will come.

The waterproof kit should contain essential documents you will need to reconstruct your financial life after a disaster — and also to help you get through one.

“Some docs you’ll need right away, and others you might not need right away but are difficult to replace,” said Neal Stern, a certified public accountant. “Some you have to have the original; some, a copy will suffice.”

Keep originals of identification: driver’s and marriage licenses, birth certificates, passports and Social Security cards, he said.

After a disaster, you may have to re-establish your ID, replace credit cards, complete a change-of-address form or apply for government assistance. Copies of those items could be kept in a secure cloud storage service, he added.

“If you can’t document who you are, it’ll be hard to get help,” said Stern, who is a member of the AICPA National CPA Financial Literacy Commission.

When people do get prepared for a disaster, said Jim Judge, a member of the American Red Cross Scientific Advisory Council, “oftentimes the financial side is not what people pay attention to.”

Judge keeps his important documents in a small plastic bin under his bed. He also stores money. “Cash is king,” he said, especially if the power is out and ATMs are not working.

Adam Levin, the ex-director of the New Jersey Division of Consumer Affairs who lost a house to Superstorm Sandy, recommended also creating a digital file of documents.

He suggests keeping digital copies of key financial documents on an encrypted waterproof USB flash drive. “If your bug-out kit gets into the wrong hands, it could be a nightmare,” he cautioned.

DOJ to collect migrant DNA again, after watchdog noted ‘disturbing’ noncompliance for nearly a decade

DOJ to collect migrant DNA again, after watchdog noted ‘disturbing’ noncompliance for nearly a decade The Justice Department on Monday announced a proposed rule that would “restore” Attorney General Bill Barr’s authority under the bipartisan DNA Fingerprint Act of 2005 to “authorize … read more

N. Korea’s first nuke-missile test since 2017; US to collect migrants’ DNA; Taliban seek new peace talks; Oceans dangerously warming; and just a bit more…

N. Korea’s first nuke-missile test since 2017; US to collect migrants’ DNA; Taliban seek new peace talks; Oceans dangerously warming; and just a bit more… N. Korea: Yes, that was a sub-launched missile test-fired Monday toward Japan, though Western analysts … read more