Although most disaster preparation information is aimed at individuals, businesses also need emergency plans. Your first concern should be planning to safely evacuate employees, customers and other people. But you also need to regularly back up essential files, including tax and payroll data. This should be done in the cloud or in a separate physical location. Photograph or video record business assets so you'll have proof for insurance and tax purposes. And if you use a payroll service, ask if it has a fiduciary bond in place. It can protect you in the event the payroll service defaults.
For help determining disaster losses for tax purposes, contact us at bkhm@bkhmcpa.com or visit here.
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