What's Next? After the Flood Waters Have Gone Down
When looking at the devastation and aftermath of Hurricane Michael, you may be wondering how you are ever going to recover.
Take a Deep Breath and Pace Yourself
This has happened before, and communities have recovered. It is easier said than done as everyone’s comfort zone has disappeared.
Everyone is working to get you the resources needed to assist in recovery and get tax returns filed. Seminars and other resources will be presented to provide the necessary information for filing casualty loss returns and assisting clients with other recovery matters.
First, get a plan to have a place to live and start the recovery phase of your personal life. If your home flooded, register with FEMA, contact your insurance company, and start the remediation process by limiting the damage and getting three contractor bids. Get a large envelope or plastic freezer bag that you can use to keep the many small receipts for clean-up and repair supplies that are already adding up. This is the most important part of restoring a comfort zone for your life.
Second, start the recovery phase of your practice. Contact all clients and assure them that you are available to assist in the recovery phase of their businesses and will be available to help with recovery and the filing of the necessary tax forms to claim a casualty loss deduction.
Communicate to clients that an important part of the recovery process and
The IRS will be issuing news releases detailing filing delays and other relief available to CPAs and taxpayers.
IRS uses zip codes to code taxpayer accounts as affected by the disaster. All taxpayers with addresses that include zip codes in the counties specified by FEMA will have their account coded with a freeze.
CPAs with clients on
Additional information on the IRS procedure is available in the Internal Revenue Manual 220.127.116.11.30.
Use of Social Media
Social media is the fastest way to communicate information today. If you don’t have a Facebook page, then get one. You can post information as it comes out. Nearly everyone has a mobile device capable of accessing Facebook. Encourage clients to make use of social media resources. It is the fastest way to communicate
The recovery phase will be constantly changing. Examples of items communicated in previous disasters are:
• When FEMA resources show up in the neighborhood
• Changes in FEMA programs that affect you
• Where building and cleaning supplies are available
• Who is and isn’t a trusted contractor or
• How and where other aid may be being provided.
Jerry Schreiber, CPA is a partner with Schreiber & Schreiber, CPAs, Metairie, Louisiana, firstname.lastname@example.org 504-832-1819
Valrie Chambers, Ph.D., CPA is an Associate Professor of Taxation and Accounting and Chair of the M.E. Rinker, Sr. Institute for Tax and Accountancy at Stetson University, Deland, Florida Valrie.Chambers@stetson.edu