Reconstructing Records after a Disaster
The time and work recovering from a natural disaster such as Hurricane Irma can be extremely stressful, and it can be crippling to a small business. When we factor in a loss of income, damaged to facilities/equipment and especially the loss of business records, a business can quickly fold if the issues aren’t addressed in a timely manner. Many business owners might need to reconstruct records to prove a loss. The documentation may be essential for tax purposes, getting federal assistance, or insurance reimbursement.
Here are 4 Tips to Reconstructing Records:
• Make a list of all inventory lost. You should contact suppliers for copies of invoices that date back at least a year.
• Business owners can get copies of last year’s federal, state and local tax returns, which include sales tax reports, payroll tax returns, and business licenses from the city or county.
• Owners should check their cell phones or cameras for pictures and videos of their building, inventory, and equipment.
• If you don’t have any pictures or videos, in a pinch you can sketch an outline of the inside and outside of their location. For example, for the inside the building, they can draw out where equipment and inventory were located. For the outside of the building, they can map out the locations of items such as shrubs, parking, signs, and awnings.
We hope this list helps you and your business on the road to recovering from Irma. If you have any questions or would like more information, please give the IRS Disaster Assistance Hotline a call Monday through Friday from 7 a.m. to 10 p.m. local time at 1-866-562-5227.
SFS Tax & Accounting Services is here to help you during this difficult time. If you need to file your extended tax return, call us today at 772-337-1040 for an appointment.