After a disaster, many business owners might need to reconstruct records to
prove a loss. This may be essential for tax purposes, getting federal
assistance, or insurance reimbursement.
Here are four tips for businesses that need to reconstruct their records:
- To create a list of lost inventories, business owners
can get copies of invoices from suppliers. Whenever possible, the invoices
should date back at least one calendar year.
- For information about income, business owners can get
copies of last year’s federal, state and local tax returns. These include
sales tax reports, payroll tax returns, and business licenses from the
city or county. These will reflect gross sales for a given period.
- Owners should check their mobile phone or other cameras
for pictures and videos of their building, equipment and inventory.
- Business owners who don’t have photographs or videos
can simply 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 was located. For the outside of the building, they
can map out the locations of items such as shrubs, parking, signs, and
awnings.
More Information:
- IRS Disaster Assistance Hotline at 1-866-562-5227 –
Monday through Friday from 7 a.m. to 10 p.m. local time
- Publication
2194, Disaster Resource Guide for Individuals and Businesses
- Federal
Emergency Management Agency
- Small
Business Administration
- Disasterassistance.gov
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