CPA NEWS

When Disaster Strikes Your Business
If a catastrophic event damages or disrupts your business, lost or destroyed tax records can add to your stress. The IRS suggests some steps you can take to deal with them if a disaster strikes.

1. Recreate your lost inventory by asking for invoices from suppliers going back at least one year.
   
   
2. Request copies of last year’s federal, state and local income tax returns. Also ask for copies of sales tax reports, payroll tax returns and any business licenses.
   
   
3. Check for pictures and videos from cell phones, camcorders and cameras of the building, equipment and inventory.
   
   
4. As a last resort, sketch where inside equipment, inventory and outside assets like signage were located.

You may want to work with an appraiser to get a fair market value of your business before and after the disaster. For more information and help reconstructing your tax records, talk to your tax professional.

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