O2 CPA Consulting Group

  • Email
  • Facebook
  • LinkedIn
  • Twitter
  • Client Login
    • Quickbooks Clients
    • Tax Clients
  • Home
  • Services
    • Tax
    • Business
    • Litigation & Forensic
  • About Us
  • Testimonials
  • Blog

When disaster strikes, will your business be prepared?

June 6, 2016

Disaster preparedness involves answering the question: How would a disaster affect your business? If you’re not sure, it’s time to start planning. Here’s a quick look at how you can prepare beforehand, and what relief might be available afterward.

BEFORE DISASTER STRIKES

  • Identify key issues. Bring together managers of key areas and brainstorm on the critical steps needed to recover from a disaster. Consider at least two scenarios: a company-specific event such as a fire that affects only your business, and a regional disaster that affects the whole area. Since you can’t anticipate every need, your goal is to identify key issues and make basic preparations.
  • Establish a communications protocol. Think about how you’ll communicate with employees, vendors, and customers. At a minimum, each manager should have a contact list for key employees. Include phone numbers and personal email addresses.
  • Backup company records. Identify essential company records and know how you’ll access them. Make sure backups of your electronic information are stored in a safe location off-site. You may also need paper backups of certain key information in case of a power blackout. Create a master list of federal, state, and city tax information, bank account passwords, account number and login information, and insurance policy numbers.
  • Review your insurance. Meet with your agent and review the scope and dollar limits of your coverage. Discuss business interruption insurance. Make sure you understand your coverage.

AFTER DISASTER STRIKES

  • Apply for relief assistance. Know the steps required to apply for insurance reimbursements and federal disaster loans or grants.
  • Take advantage of tax breaks. Your business may qualify for a casualty loss deduction. If you’re in a Presidentially declared disaster area, you have the option of claiming the deduction against your prior year’s taxes for a faster refund. Other tax benefits include extended due dates and penalty relief. Contact us for tax advice on your specific situation.

2016/06/06

Contact Us

(505) 715-5510

Email Us!

901 3rd Street NW, Suite A
Albuquerque NM, 87102

*Please call ahead for an appointment*

Hours

Monday-Friday
9:00 AM - 5:00 PM

Follow Us Online

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Email Signup

Sign up for our annual tax letter and the latest financial and tax news!
  • This field is for validation purposes and should be left unchanged.

Map

Copyright © 2023 O2 CPA Consulting and boomtime , All Rights Reserved. • Email • Fine Print