SmallBusiness.com Guide to Disaster Planning and Recovery – SmallBusiness.com

Review Disaster Resources on IRS.gov | Best Advice: Do it Before You Need Them

SmallBusiness.com — Wed, 01 Sep 2021 16:42:59 +0000

Natural disasters can – and do – happen at any time. Preparing in advance of a disaster can give people peace of mind after a disaster hits as they begin the recovery process. The website, IRS.gov, has information and resources that can help taxpayers before and after a disaster. These links are to content prepared by IRS.gov.

Tax Relief in Disaster Situations

This page features links to disaster resources. They walk taxpayers through the information that will help them after a disaster. This page also links to local news releases and frequently asked questions.

Around the Nation

This page highlights news specific to local areas. This includes disaster relief and tax provisions that affect certain states.

FAQs for Disaster Victims

This page contains information to help taxpayers with common tax-related questions after a disaster. Content is sorted by topic so users can easily find what they need.

Publication 2194, Disaster Resource Guide for Individuals and Businesses

This resource guide provides information for individuals and businesses affected by a disaster. It also covers the help available for disaster victims. The guide can help taxpayers claim unreimbursed casualty losses on property that was damaged or destroyed.

Publication 584, Casualty, Disaster, and Theft Loss Workbook

This workbook helps individual taxpayers figure the loss on their property because of a disaster, casualty or theft.

Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook

This workbook helps businesses figure the loss on business property because of a disaster, casualty or theft.

Publication 547, Casualties, Disasters, and Thefts

This publication explains the tax treatment of casualties, thefts and losses.

GettyImages

IRS Disaster Help and Relief for Individuals and Small Businesses | 2021

SmallBusiness.com — Fri, 02 Jul 2021 17:13:16 +0000

Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Both individuals and businesses in a federally declared disaster area can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return. (This guide was prepared by the IRS.)

Overview

The IRS also offers audio presentations on Planning for Disaster. These presentations discuss business continuity planning, insurance coverage, recordkeeping, and other tips to stay in business after a major disaster.

Get the Latest Tax Relief Guidance in Disaster Situations
Recent special tax law provisions may help taxpayers recover financially from the impact of a major disaster in their location.

Tax Relief Help for the Coronavirus
IRS is providing a variety of tax relief for those affected by the Coronavirus. For the latest updates, check the Coronavirus Tax Relief page.

Preparing for Disasters
Are your home and/or business ready if a disaster strikes? Get information and suggestions or paperless recordkeeping, documenting assets and valuables.

Around the Nation
This section of our website provides IRS news specific to local areas, primarily disaster relief or tax provisions that affect certain states.

Tax Topic 515 – Casualty, Disaster, and Theft Losses
Casualty losses can result from the destruction of or damage to your property from any sudden, unexpected, and unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption.

For Individuals

FAQs for Disaster Victims
This section provides guidance for those affected by disasters and answers to frequently asked questions.

Reconstructing Your Records
Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available.

Publication 2194, Disaster Resource Guide for Individuals and Businesses PDF
Publication 2194 is a resource guide designed to help individuals claim casualty losses on property that was damaged or destroyed by a natural disaster. This guide provides steps to take after a disaster so taxpayers can reconstruct their records and prove loss of personal use and business property. It also provides answers to common disaster tax questions and a list of forms and publications that are available to assist you with disaster tax issue

For Businesses

Publication 2194, Disaster Resource Guide for Individuals and Businesses PDF

Publication 2194 is a resource guide designed to help businesses claim casualty losses on property that was damaged or destroyed by a natural disaster. This guide provides steps to take after a disaster so taxpayers can reconstruct their records and prove loss of personal-use and business property. It also provides answers to common disaster tax questions and a list of forms and publications that are available to assist you with disaster tax issues.

Disaster Planning Video Presentations:

For Tax Professionals

Disaster Relief Resource Center for Tax Professionals

Through this resource center we address many of the questions received from tax professionals. We’ve included information published by the IRS, along with links to IRS partners who may offer additional assistance. Many of our partners have provided various resources to help the payroll and practitioner community to recover and get re-established in the event of a natural disaster.

For Charitable Organizations

Disaster Relief – Resources for Charities and Contributors
After a disaster or in other emergency hardship situations, people may be interested in using a charitable organization to help victims. The IRS provides several resources to help them accomplish this goal.

Publication 3833, Disaster Relief, Providing Assistance Through Charitable Organizations PDF
This publication describes how members of the public can use charitable organizations to provide assistance to victims of disasters or other emergency hardship situations.

Talk With the IRS

Contact My Local Office
IRS Taxpayer Assistance Centers are your one-stop resource for in-person tax help and solutions to tax problems, every business day.

Taxpayer Advocate Service
The Taxpayer Advocate is an independent organization within the IRS. They help taxpayers resolve problems with the IRS and recommend changes that will prevent the problems.

Other Government Agency Disaster Information

DisasterAssistance.gov
This is a one stop Web portal that consolidates information from 17 US Government Agencies where taxpayers can apply for Small Business Administration loans through online applications, receive referral information on forms of assistance that do not have online applications, or check the progress and status of their applications online.

Federal Emergency Management Agency (FEMA)
Federal disaster aid programs provided by the Federal Emergency Management Agency (FEMA) are available to citizens affected by major disasters.

Small Business Administration (SBA)
The U. S. Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to homeowners, renters and businesses of all sizes located in a declared disaster area. Financial assistance is available in the form of low-interest, long-term loans for losses that are not fully covered by insurance or other recoveries.

READY.gov
Learn how individuals and business can prepare for and respond to all kinds of disasters and emergencies.

GovBenefits.gov
GovBenefits.gov wants to let survivors and disaster relief workers know about the many disaster relief programs available. Perhaps you have suffered damage to a home or business, lost your job, or experienced crop damage due to a natural disaster. GovBenefits.gov has a variety of national benefit and assistance programs geared toward disaster recovery

IRS Forms and Publications

Publication 547, Casualties, Disasters and Thefts

Page Last Reviewed or Updated: December 12, 2020

Small Business Covid-19 Updates (3.23.2020)

SmallBusiness.com — Mon, 23 Mar 2020 18:27:49 +0000

During the Covid-19 pandemic, SmallBusiness.com will be linking daily to articles related to its impact on small business owners and employees. Check back for updates.

Five steps to save small business during the pandemic

Five steps can help save small businesses during this pandemic-induced recession…

Stop Commercial Evictions
Defer Property Taxes
Defer Commercial Rent Payments
Defer Mortgage Payments
Guarantee Jobs and Healthcare for Workers

Continue reading: Crain’s New York Business: “Five steps to save small business during the pandemic”

Coronavirus stimulus relief plea from self-employed to Washington: ‘We need help now’

“The self-employed – independent contractors, gig workers, temporary and part-time workers – number 57 million in the U.S., representing more than a third of the working population and driving $1 trillion in income, but have none of the benefits and protections that employees or even other small businesses do…”

Continue reading: USAToday.com “Coronavirus stimulus relief plea from self-employed to Washington: ‘We need help now'”

Amazon’s Bezos tells workers coronavirus will ‘get worse’

Amazon.com’s Chief Executive Officer Jeff Bezos warned his company’s 800,000 employees that the coronavirus outbreak will likely “get worse before it gets better,” according to an open letter shared Saturday on his Instagram account.

The letter follows cries from U.S. lawmakers and his own employees that the world’s largest online retailer isn’t doing enough to protect its warehouse workers and delivery drivers who endanger themselves delivering products to Amazon customers looking to avoid stores.

“This isn’t business as usual, and it’s a time of great stress and uncertainty,” Bezos wrote. “It’s also a moment in time when the work we’re doing is its most critical.”

Continue reading: Bloomberg News, Instagram

Small Business Update: Covid-19 News | 3.16.2010

Rex Hammock — Mon, 16 Mar 2020 04:39:50 +0000

A round-up of small business Covid-19 (Coronavirus) news. Click links for the full stories: CDC issues recommendations, painful choices for small businesses, retail association urge shoppers not to hoard, NFIB survey.

Small businesses not included in CDC’s recommendation that no gatherings with 50 people take place during next eight weeks

Quote |CNN.com | March 15, 2020

On Sunday (March 15, 2020), the U.S. Centers for Disease Control (CDC) and Prevention recommended that no gatherings with 50 people or more take place for the next eight weeks to slow the spread of the novel coronavirus. The agency said these gatherings include conferences, festivals, parades, concerts, sporting events, weddings and other types of assemblies.

The recommendation does not apply to some organizations like the day to day operation of organizations such as schools, institutes of higher learning, or businesses. This recommendation is made in an attempt to reduce the introduction of the virus into new communities and to slow the spread of infection in communities already affected by the virus. According to the CDC, the recommendations are not intended to supersede the advice of local public health officials.

(See CDC.gov for details.)

(Photo by Spencer Platt/Getty Images)

Coronavirus social-distancing forces painful choices on small businesses

Quote |WSJ.com | March 15, 2020

“…Small-business confidence plunged in March to near its lowest levels in the past seven years, as business owners grappled with the effects of the novel coronavirus on their companies and the broader economy…The March drop in small-business confidence reversed four months of gains. More than twice as many business owners said they expected the economy would weaken rather than improve in the coming year, according to a monthly survey of more than 900 businesses with $1 million to $20 million in revenue for The Wall Street Journal by Vistage Worldwide Inc., a business coaching and peer-advisory firm. Owners of businesses from restaurants and yoga studios to marketing and manufacturing firms are already making tough choices, as the fallout spreads from industries dependent on Chinese manufacturers to the broader U.S. economy. “We’re going into a period no one has been through before,” said Jay Foreman, chief executive of Basic Fun Inc., a small Boca Raton, Fla., toy maker. “It feels like 9/11, Katrina and the financial crisis all in one,” he said.

(See WSJ.com for story)

NRF issues statement on responsible shopping during COVID-19 pandemic

Quote |NRF.org | March 15, 2020

“The National Retail Federation (NRF) and Retail Industry Leaders Association are advising consumers to shop responsibly during the coronavirus (Covid-19) pandemic. Retailers – particularly grocery providers – are working with manufacturers, suppliers and government agencies to make certain essential products and services remain readily available to customers. Retail supply chains remain strong and retail employees are working around the clock to meet consumer demand. Hoarding products only contributes to the fear surrounding the virus, and any hoarder acting with malicious intent to drive up prices on a secondary market should be prosecuted to the fullest extent of the law.”

(See NRF.org for full statement)

NFIB Study: Coronavirus’ impact on small businesses

Quote |NFIB.com | March 13, 2020

On Friday (March 13, 2020), the NFIB Research Center issued results of a survey regarding the impact of Coronavirus (has had on small businesses.

74% | Small business owners who say they are not currently impacted by the coronavirus outbreak.
23% | The percentage of survey respondents who say they are negatively impacting

While most small businesses are not currently impacted, owners are concerned about future disruptions if the outbreak continues to escalate.

Of those small business owners not currently impacted…

43% | Expect their business will be negatively impacted if the coronavirus outbreak spreads more broadly in their immediate area over the next three months.

(See NFIB.com for more about the survey.)

(Cover Photo by John Moore/Getty Images))

Disaster Information From the IRS, SBA & USDA | 2019

Rex Hammock — Thu, 19 Sep 2019 15:38:22 +0000

As we’ve shared many times on SmallBusiness.com, natural disasters can – and do – happen at any time. Whether it’s a hurricane, fire, flood, earthquake or tornado, there are things people can do to prepare in advance of a disaster. When it comes to small business disaster information and resources provided by the U.S. government, the places to begin your research are the Internal Revenue Service, SBA Office of Disaster Assistance and the U.S. Department of Agriculture.

Disaster Information from the IRS

Reconstructing records after a disaster | A fact sheet to help people who are facing the challenge of reconstructing their financial records after a disaster. It covers how to properly document a tax-deductible loss.

Tax relief in disaster situations | (Including local news releases and frequently asked questions, FAQs)

This fact sheet features links to disaster resources. It walks taxpayers through the information that will help them after a disaster. The page also links to local news releases and frequently asked questions.

FAQs for disaster victims | Users will find links to several different pages of FAQs. Each set of FAQs is about a specific topic to help people after a disaster.

Publication 2194 | Disaster Resource Guide for Individuals and Businesses

This resource guide provides information for individuals and businesses affected by a disaster. It also covers the help available for disaster victims. The guide can help taxpayers claim unreimbursed casualty losses on a property that was damaged or destroyed.

Publication 584 | Casualty, Disaster, and Theft Loss Workbook

This workbook helps individual taxpayers figure the loss on their property because of a disaster, casualty or theft.

Publication 584-B | Business Casualty, Disaster, and Theft Loss Workbook

This workbook helps businesses figure the loss on the business property because of a disaster, casualty or theft.

Publication 547 | Casualties, Disasters and Thefts

This publication explains the tax treatment of casualties, thefts and losses.

Disaster Information From
The SBA Office of Disaster Assistance

Through its Office of Disaster Assistance (ODA), the Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to businesses of all sizes, private non-profit organizations, homeowners, and renters following a disaster.

Financial assistance is available in the form of low-interest, long-term loans. SBA’s disaster loans are the primary form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. For this reason, the disaster loan program is the only form of SBA assistance not limited to small businesses. Disaster Assistance has been part of the agency since its inception in 1953.

Disaster Information and Resources from the USDA

Focusing on Improving Workplace Safety is a Life or Death Matter

Rex Hammock — Thu, 23 Aug 2018 02:47:48 +0000

Recently, we shared some research regarding how younger (Millennial) business owners are more willing to start workplace safety programs compared to older owners. According to the Bureau of Labor Statistics (BLS) “National Census of Fatal Occupational Injuries,” the focus on workplace safety is not just about broken arms and strained backs. (Although, there are almost 5 million such injuries annually.) According to BLS most recent research, annual workplace fatalities crossed 5,000 workers for the first time in 2016. Here are more tragic data that should convince any small business owner or manager to take a more serious look at improving your workplace safety efforts.

5,190 | Workplace fatalities recorded in the United States in 2016 (most recent data).
3.6 per 100,000 (FTE) workers | Workplace fatalities per 100,000 in 2016 (compared to 3.4 per 100,000 in 2015).

Various types of workplace fatalities in 2016

Workplace fatalities among some industries

Number and rate of fatal work injuries, by occupation

Workplace Safety & Health Information from the
Center for Disease Control and Prevention (CDC)

GettyImages

Ready Business Toolkits for Year-Round Disaster Planning | 2018

SmallBusiness.com — Tue, 31 Jul 2018 17:32:37 +0000

As we’ve stressed in numerous articles that are part of the SmallBusiness.com Guide to Disaster Planning, preparing for disasters helps you avoid being among the 20%-60% businesses that don’t reopen after a disaster.

Just think of the types of disasters that can occur.

Natural hazards like floods, hurricanes, tornadoes, volcano eruptions, and earthquakes.
Health hazards such as widespread and serious illnesses like the flu.
Human-caused hazards including accidents and acts of violence.
Technology-related hazards like power outages and equipment failure.

After the 9/11 tragedy, U.S. Homeland Security and several other government agencies were tasked to develop Ready Business (Ready.gov/business), a program to help business leaders develop preparedness plans for their companies.

Below are Ready.gov links to specific types of disasters and ways to prepare and respond.

Earthquake “QuakeSmart” Ready Business Toolkit

Unlike other natural disasters, earthquakes occur without warning and cannot be predicted. Most of the United States is at some risk for earthquakes, not just the West Coast, so it is important that you understand your risk, develop preparedness and mitigation plans, and take action.

Link | QuakeSmart Ready Business Toolkit
Link | Spanish Ready Business QuakeSmart Toolkit

Hurricane Ready Business Toolkit

Many parts of the United States, including Atlantic and Gulf of Mexico coastal areas, Hawaii, parts of the Southwest, Puerto Rico, the Pacific Coast, and the U.S. Virgin Islands and territories in the Pacific may be directly affected by heavy rains, strong winds, wind-driven rain, coastal and inland floods, tornadoes, and coastal storm surges resulting from tropical storms and hurricanes. The Ready Business Hurricane Toolkit helps leaders take action to protect employees, protect customers, and help ensure business continuity as well.

Link | Hurricane Ready Business Toolkit
Link | Spanish Ready Business Hurricane Toolkit

Inland Flooding Ready Business Toolkit

Most of the United States is at some risk for flooding, so it is important that organizations, businesses, and community groups understand the potential impacts.

Link | Inland Flooding Ready Business Toolkit
Link | Spanish Ready Business Inland Flooding Toolkit

Power Outage Ready Business Toolkit

While a Power Outage may not seem as dangerous as a tornado or earthquake, they can still cause damage to homes, businesses and communities. Power Outages cost the U.S. economy $20 billion and $55 billion annually and continue to increase each year (CRS, 2012).

Link | Power Outage Ready Business Toolkit
Link | Spanish Ready Business Power Outages Toolkit

Severe Wind/Tornado Ready Business Toolkit

It is not just in Tornado Alley. Most of the United States is at some risk for severe wind and tornadoes

Link | Severe Wind Tornado Ready Business Toolkit
Link | Spanish Ready Business Severe Wind Tornado Toolkit

Links to additional Ready Business resources

Hurricane Harvey | Spencer Platt / GettyImages
Redding Fire | Terray Sylvester / GettyImages

What Millennial Business Owners Are Doing That Makes Their Workplaces Safer | 2018

SmallBusiness.com — Thu, 07 Jun 2018 15:27:38 +0000

With nearly 13,000 American workers injured each day, establishing a safety program should be a priority for every business. But most small business safety efforts lack formal planning and training, according to Nationwide’s fourth annual Business Owner Survey released on Wednesday (June 6, 2018).

The use of emerging technology to improve workplace safety is significantly more prevalent in businesses with Millennial-age owners

32% | Percentage of all business owners using various types of technology to improve workplace safety
71% | Percentage of Millennial-age business owners using various types of technology to improve workplace safety

Comparative (all business owners vs. Millennial-age owners) look at specific types of technology for improving workplace safety

Building sensors | Devices that detect humidity, temperature, water leaks and equipment failure

16% | Percentage of all business owners using this technology
36% | Percentage of Millennial business owners using this technology

Wearables | Watches, belts and other personal sensors that can detect physical strain

13% | Percentage of all business owners using this technology
32% | Percentage of Millennial business owners using this technology

Drones | Commercial drones used to reach or inspect areas that otherwise are dangerous for workers

7% | Percentage of all business owners using this technology
21% | Percentage of Millennial business owners using this technology

Vehicle telematics | Technology that can help reduce distracted driving

11% | Percentage of all business owners using this technology
20% | Percentage of Millennial business owners using this technology

Ways to improve workplace safety programs and reduce overall expenses

Employ or identify a person who is charged with the company’s safety and implementing safety-related initiatives.
Provide formal safety training to all employees on a regular basis.
Implement a formal return-to-work program to help injured employees get back to meaningful work as soon and as safely as possible.

“While technology can enhance workplace safety, it’s not a panacea,” said Mark McGhiey, associate vice president of Nationwide’s Loss Control Services, the sponsor of the survey. “There’s always going to be an element of human-driven effort to ensure workers can do their jobs safely and efficiently.

iStock

IRS Plans Disaster Webinar for Tax and Accounting Professionals | 2017

SmallBusiness.com — Mon, 16 Oct 2017 16:08:50 +0000

In response to recent natural disasters, the IRS is offering two webinars to tax professionals. These online events are designed to help tax professionals better understand tax relief for victims of disasters–for both individuals and businesses.

The web conferences cover:

Tax relief for individuals and businesses
Special rules for disaster areas
How disaster losses affect taxes
Calculating and reporting disaster area losses
Tax issues related to Hurricanes Harvey, Irma and Maria

Each session will also include a live question and answer session.

The IRS designed these webinars to help tax professionals with disaster-related issues. Tax preparers receive a certificate of completion. They can also earn up to two continuing education credits for attending. Use these links to register:

Oct. 18, 2017: 11 a.m. – 1 p.m. EST
Oct. 19, 2017: 11 a.m. – 1 p.m. EST – this conference includes closed captioning

For more information about tax issues related to disasters, tax preparers and taxpayers can visit the Tax Relief in Disaster Situations page on IRS.gov.

More Information:

Publication 2194, Disaster Resource Guide for Individuals and Businesses
Federal Emergency Management Agency
Small Business Administration
Disasterassistance.gov

Photos: istock

Small Business ‘Active Shooter’ Preparedness Resources From the Department of Homeland Security

SmallBusiness.com — Mon, 02 Oct 2017 10:00:54 +0000

While it is something no small business owner or manager wants to believe can happen to them, events ranging from armed robberies to large-scale tragedies like the shootings in Sandy Hook, San Bernardino, Orlando, and Las Vegas force every business manager to consider the unthinkable can happen anywhere.

In many cases, there is no pattern or method to the selection of victims by an active shooter. These situations are, by their very nature, unpredictable and evolve quickly. The U.S. Department of Homeland Security (DHS) offers free courses, materials, and workshops to better prepare businesses, schools, places of faith and any type of organization to deal with an active shooter situation and to raise awareness of behaviors that represent pre-incident indicators and characteristics of active shooters.

Active Shooter: What You Can Do

Homeland Security has developed an independent study course entitled Active Shooter: What You Can Do. This course was developed to provide the public with guidance on how to prepare for and respond to active shooter crisis situations.

Upon completion of Active Shooter: What You Can Do, employees and managers will be able to:

Describe the actions to take when confronted with an active shooter and to assist responding law enforcement officials
Recognize potential workplace violence indicators
Describe actions to take to prevent and prepare for potential active shooter incidents; and
Describe how to manage the consequences of an active shooter incident

The online training is available through the Federal Emergency Management Agency Emergency Management Institute.

Webinar

A 90-minute Webinar can help small businesses and other organizations understand the importance of developing an emergency response plan and the need to train employees on how to respond if confronted with an active shooter. The presentation describes the three types of active shooters–workplace/school, criminal, and ideological–and how their planning cycles and behaviors differ.

Workshop Series

Active Shooter workshops have already taken place in a number of U.S. cities and will continue to be held in a number of locations in the future. These scenario-based workshops feature facilitated discussions to engage company professionals and law enforcement representatives from federal, state, and local agencies to learn how to prepare for, and respond to, an active shooter situation. Through the course of the exercise, participants evaluate current response concepts, plans, and capabilities for coordinated responses to active shooter incidents.

If you are interested in future workshops, contact ASworkshop@hq.dhs.gov.

‘How to Respond’ Resource Materials

DHS has developed a series of materials to assist businesses, government offices, and schools in preparing for and responding to an active shooter. These products include a desk reference guide, a reference poster, and a pocket-size reference card.

Issues covered in the active shooter materials include the following:

Profile of an active shooter
Responding to an active shooter or other workplace violence situation
Training for an active shooter situation and creating an emergency action plan
Tips for recognizing signs of potential workplace violence

Available Materials for Download

‘Options for Consideration’ (Preparedness Video)

Options for Consideration (below) demonstrates possible actions to take if confronted with an active shooter scenario. The video also shows how to assist authorities once law enforcement enters the scene.

via | U.S. Department of Homeland Security