A wildfire, flood, or other disaster can destroy more than property. Important tax records, receipts, invoices, and financial documents can disappear at the same time.
One question that often comes up after a disaster is:
“What happens if I no longer have the records I need?”
On September 2, 2026, the IRS issued new guidance reminding taxpayers that lost records can often be reconstructed—and that doing so may be important not only for taxes, but also for insurance claims and federal disaster assistance.
What Changed
The IRS has provided updated guidance explaining practical ways individuals and businesses can reconstruct records after a disaster.
For previous tax information, taxpayers can obtain an IRS tax return transcript. The IRS notes that a tax return transcript is often the most commonly needed transcript after a disaster.
But tax returns are only part of the picture.
Bank statements, credit card records, property documents, photographs, insurance information, contractor records, and other third-party documents may also help recreate information that has been lost.
Who Is Affected
This guidance may be useful for individuals and businesses affected by:
- Wildfires
- Floods
- Hurricanes
- Severe storms
- Other disasters that damage or destroy financial records
For a small business owner, losing records can be particularly difficult because the missing information may include invoices, inventory records, equipment information, payroll records, or documentation of business income and expenses.
Why It Matters
After a disaster, reconstructing records may be necessary for several different reasons.
You may need documentation to support an insurance claim, apply for federal assistance, prepare a tax return, or establish the value and tax basis of damaged property.
For businesses, the IRS suggests contacting suppliers for copies of invoices when inventory records have been lost. Bank statements can help reconstruct income, while previous federal, state, and local tax returns—including sales tax and payroll tax filings—may provide additional evidence of prior business activity.
The key point is that a missing original receipt does not necessarily mean the information is gone forever.
Much of it may be reconstructed from independent sources.
What You Should Do
Start with the records that are easiest to recover.
For tax returns, obtain transcripts directly from the IRS.
For financial information, contact your bank and credit card companies. Many institutions allow customers to retrieve several years of statements online.
Property owners may be able to obtain documents from mortgage lenders, escrow companies, title companies, contractors, insurance companies, or county records.
Business owners can contact vendors and suppliers for duplicate invoices and use bank deposits, prior tax returns, payroll filings, business licenses, photographs, and other records to help reconstruct what was lost.
And don’t wait until after a disaster to think about recordkeeping. The IRS recommends keeping electronic copies of important documents and periodically photographing or recording valuable property.
WiseBeing Perspective
When people think about disaster preparation, tax records usually aren’t the first thing that comes to mind.
But for a business owner, losing years of financial records can make an already difficult situation much harder.
A simple habit can make a significant difference: keep important tax and accounting records backed up electronically rather than relying entirely on paper files kept in one location.
Good recordkeeping isn’t only about preparing a tax return. It can become extremely important when you need to prove what you owned, what your business earned, or what something cost.
Official Source
Internal Revenue Service — Tax Tip 2026-67
How taxpayers can reconstruct records after a disaster
September 2, 2026.
WiseBeing Tax & Accounting
If a disaster has affected your personal or business tax records, determining what documents need to be reconstructed is an important first step.
WiseBeing Tax & Accounting assists individuals and small business owners with tax, accounting, and IRS-related matters.
https://wisebeingaccounting.com
Disclaimer
This article is provided for general informational purposes only and does not constitute tax, accounting, legal, or insurance advice. Tax treatment and documentation requirements depend on the specific facts and circumstances of each situation. Please consult an appropriate professional regarding your individual circumstances.