Greg Orcutt


Orcutt & Company, CPA

936 State Route 28, Milford, OH 45150


Phone:  513-576-1989 



February 2019

When Disaster Strikes Your Business

Three business people in gas masks gasping in office

If a catastrophic event damages or disrupts your business, lost or destroyed tax records can add to your stress. The IRS suggests some steps you can take to deal with them if a disaster strikes.

  1. Recreate your lost inventory by asking for invoices from suppliers going back at least one year.

  2. Request copies of last year’s federal, state and local income tax returns. Also ask for copies of sales tax reports, payroll tax returns and any business licenses.

  3. Check for pictures and videos from cell phones, camcorders and cameras of the building, equipment and inventory.

  4. As a last resort, sketch where inside equipment, inventory and outside assets like signage were located.

You may want to work with an appraiser to get a fair market value of your business before and after the disaster. For more information and help reconstructing your tax records, talk to your tax professional.


Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.