Tips for Business Owners Who Need to Reconstruct Records After a Disaster

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:

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The Economy Is Back: How Will That Affect Employers?

By Jack McCalmon, The McCalmon Group, Inc.

October 10, 2017

The labor participation rate rose again to 63.1 percent despite the weather. Most believed the September job reports to be a setback because of the Texas, Florida, U.S. Virgin Islands, and Puerto Rico hurricanes, but the underlying numbers prove that the economy is standing strong.

The recent numbers from the Department of Labor show that the unemployment rate dropped to 4.2 percent, the lowest since 2001. The hurricanes did impact the food industry and led to an overall loss of 33,000 jobs, however. Even so the overall unemployment rate has stayed steady at 8.6 percent. http://news.gallup.com/home.aspx

Although the numbers look good for finding and keeping a full-time job, what employers need to consider is that wages are continuing to go up. Payroll numbers rose to 12 cents, and the average hourly earnings have increased 2.9 percent in the last 12 months. Susan Jones “63.1%: Participation Rate Reaches Trump-Era High; Record Number of Employed” http://www.cnsnews.com (Oct. 06, 2017).

Commentary

Once the impact of the hurricanes is addressed, employers can expect that the job and wage numbers will increase especially as construction begins in Texas, Florida, U.S. Virgin Islands, and Puerto Rico. Congress also has bilateral support for an infrastructure program. If an infrastructure program is passed, employers will find a very competitive job market, especially in the construction industry.

When an economy improves, especially after the recession, turnover is bound to increase especially from employees who are presently filling low- paying or part-time jobs. Employees with experience, but working part-time, will have more options for increased wages and full-time employment.

Employers that have low wages, who cannot increase wages and do not have competitive benefits, will have to look at candidates with less experience or who are reentering the job market. Employers that use temporary employees may also experience a shortage of qualified talent.

As for litigation exposure, layoffs and terminations place employers at their biggest risk. When the economy improves, there are fewer layoffs and terminations lowering risk. Moreover, employees who are laid off or terminated are more likely to find “like employment,” decreasing the possibility that they will seek legal redress.

 

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​2016 Statistics of Income Program Documentation: Data Items by Forms and Schedules

 

This document is now available on SOI’s Tax Stats Web page and contains the Federal tax forms, schedules, and information documents selected for SOI’s Tax Year 2016 studies. It is organized in the following two parts:

  • Individual and Tax Exempt studies include data related to the Form 1040 Individual Income Tax Return series, as well as data on sales of capital assets and an extensive program that connects income tax returns with information documents filed by third parties. The studies also include data collected for estate and gift taxes, tax-exempt organizations, and tax-exempt bonds.
  • Corporation, Partnership, and International studies focus on data collected from the Form 1120 series, SOI’s partnership program, as well as information collected from international filers.

SOI works in collaboration with data users both inside and outside of the Federal Government to develop the information collected for each SOI study. SOI bases most of its programs on stratified samples of returns for which data are collected prior to IRS audits; therefore, the data represent information as originally reported by taxpayers. Each tax form included in the SOI program is represented in this volume. The specific data items captured for each study are indicated on facsimiles of the forms and schedules. Data from certain forms and schedules are collected periodically, rather than annually. For this reason, the contents of this document will vary somewhat from year to year.

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