FLOODS of 2008


Other key sites to visit for flood recovery updates: Iowa DNR Iowa Department of Public Health Iowa State Extension	______________________________________________________________________ Business interruption issues – Where to start There are numerous disaster checklists posted on various websites and no doubt you have already been exposed to most of them. Yes, you should apply for FEMA - do that now. Below are some ideas and resources to help with income tax matters: Obtain IRS Publications 547, 584 (individual workbook), and 584- B (business workbook) from http://www.irs.gov/. Go to the following IRS website for more specific disaster information: http://www.irs.gov/businesses/small/article/0,,id=156138,00.html Take pictures - preferably before cleanup. Start a journal. Don’t worry about neatness, grammar, or spelling. Just get the facts and dates down. Businesses: If you pay nonemployees to help clean up have them complete a form W-9. You can get one off of the IRS website. Draw a diagram of the layout of your home or business. Take notes of what was where – this will serve as both documentation and memory jogger. Look for photos you already have with rooms and buildings in the background. This will serve as “before” documentation. If you repair damage caused by the flood keep all receipts. Businesses: Secure a list of all of your suppliers – you will need it later to recover records. Secure a list of customer accounts receivables and send customers instructions on where to send payments on account. SELF EMPLOYED individuals may qualify for Disaster Unemployment Assistance. Go to http://www.workforcesecurity.doleta.gov/unemploy/disaster.asp for additional information. Taxpayers in presidentially declared disaster areas receive certain tax benefits such as extended due dates for returns and quicker tax refunds by claiming current casualty losses on prior year amended returns. It is in this part of the IRS web site that we recommend you seek clarification from your tax advisor. At the time of this writing the web site was not updated for the most recent flooding, therefore, the published extended due dates may not be accurate. In addition, for disasters of this magnitude, it is often the case that even more tax incentives are approved for specific regions. Finally, we recommend you check out Iowa’s flood resource center at http://www.flood2008.iowa.gov/ for Iowa related announcements and the State Individual Assistance Program. Harold Dawson, Managing Director – Tax Services, RSM McGladrey harold.dawson@rsmi.com 319-466-7230
Please read the Privacy and Legal Notices. ©2008 www.iowafarmbureau.com. All rights reserved.

Other key sites to visit for
flood recovery updates:

Iowa DNR

Iowa Department of Public Health

Iowa State Extension

______________________________________________________________________

Business interruption issues – Where to start
There are numerous disaster checklists posted on various websites and no doubt you have already been exposed to most of them. Yes, you should apply for FEMA - do that now. Below are some ideas and resources to help with income tax matters:

Obtain IRS Publications 547, 584 (individual workbook), and 584- B (business workbook) from http://www.irs.gov/.
Go to the following IRS website for more specific disaster information: http://www.irs.gov/businesses/small/article/0,,id=156138,00.html
Take pictures - preferably before cleanup.
Start a journal. Don’t worry about neatness, grammar, or spelling. Just get the facts and dates down.
Businesses: If you pay nonemployees to help clean up have them complete a form W-9. You can get one off of the IRS website.
Draw a diagram of the layout of your home or business. Take notes of what was where – this will serve as both documentation and memory jogger.
Look for photos you already have with rooms and buildings in the background. This will serve as “before” documentation.
If you repair damage caused by the flood keep all receipts.

Businesses: Secure a list of all of your suppliers – you will need it later to recover records. Secure a list of customer accounts receivables and send customers instructions on where to send payments on account.
SELF EMPLOYED individuals may qualify for Disaster Unemployment Assistance. Go to http://www.workforcesecurity.doleta.gov/unemploy/disaster.asp for additional information.

Taxpayers in presidentially declared disaster areas receive certain tax benefits such as extended due dates for returns and quicker tax refunds by claiming current casualty losses on prior year amended returns. It is in this part of the IRS web site that we recommend you seek clarification from your tax advisor. At the time of this writing the web site was not updated for the most recent flooding, therefore, the published extended due dates may not be accurate. In addition, for disasters of this magnitude, it is often the case that even more tax incentives are approved for specific regions. Finally, we recommend you check out Iowa’s flood resource center at http://www.flood2008.iowa.gov/ for Iowa related announcements and the State Individual Assistance Program.

Harold Dawson, Managing Director – Tax Services, RSM McGladrey
harold.dawson@rsmi.com 319-466-7230