Firm News

September 11, 2017

Hurricane Irma and Harvey Recovery Assistance for Businesses and Insurance Companies

A partner to keep insurance agencies and businesses running smoothly during an unfortunate time.

Edit: The IRS has announced tax relief deadline extensions through January 2018. Details are below.

The devastating impact of Hurricanes Irma and Harvey is only beginning to be realized. As insurance companies and business owners assess the damage caused by destruction of property, extreme downtime, or both, there remains a need to restore normalcy in the day-to-day business operations in order to protect the longevity of the business and minimize losses.
 
Claims processing, taxes, payroll, bills, and loans have to continue as normal even though you are faced with overwhelming and extensive insurance paperwork, rebuilding, and recovery. Our professionals can temporarily aid your organization with supplemental administrative support and accounting expertise to ensure your business and claims processing tasks move forward while you and your employees focus on family and your community.
 

Immediate As-Needed Services:

 

  • Disaster recovery procedures
  • Insurance claim processing assistance
  • Transaction processing
  • Alternative administrative and business processing support (virtual or onsite)
  • Outsourced business processes
  • Outsourced accounts payable and accounts receivable (which still need to be collected and paid)
  • Electronic bill setup and payments
  • Record and data restoration or re-creation
  • Accounting for inventory losses
  • Accounting for property damage
  • Business interruption claims calculations
  • Accounting and reconciliation of project costs
  • Technical support on documentation and compliance requirements
  • Disaster tax implications and planning
  • Identification and remedy of financial and operation risk exposures
  • Tax filing support for tax preparers, CPA firms, business owners, individuals
  • Payroll support and tax filing
  • Business continuity planning going forward including setup with cloud-based accounting software and procedures

 

Our firm experienced first-hand the disruption caused by Superstorm Sandy. Navigating the numerous insurance claims, federal relief acts, and related paperwork can be onerous. During this recovery period, insurance companies need to be prepared for the drastic increase in resources required to provide timely service to customers.
 
Please forward our offer to help to any insurance agencies, partners, colleagues, neighbors or business owners in your community that are in need of assistance.
 
We are here for you. Continuity of business operations can help minimize your downtime and lessen the long-term impact on your business. We can be your virtual support while physical hardware is restored or replaced and while your employees recover.
 
Contact Reynold P. Cicalese at (856)667-4100 or RCicalese@alloysilverstein.com as soon as possible to ease this devastating burden.
 
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Update: Tax Relief Provisions Announced by IRS

 

IRS Announces Deadline Extensions and Additional Relief for Victims of Hurricanes Irma and Harvey

 
The IRS has announced that residents and business owners of Florida and impacted areas in Texas may qualify for tax relief. Note that anyone who lives in one of the affected areas, or owns a business there, will automatically qualify for relief and will not need to contact the IRS to request an extension.
 

Tax filing and payment deadlines which began on September 4, 2017 in Florida and September 5, 2017 in Puerto Rico and the Virgin Islands are extended to the end of January 2018 as follows.

 

  • Businesses whose returns are on valid extensions due September 15, 2017 have until January 31, 2018 to file.
  • Individuals who have returns on valid extensions due October 16, 2017 have until January 31, 2018 to file. However, individual taxpayers with payment due are not eligible for relief from paying 2016 income tax since payments were due on April 18, 2017.
  • Deadlines for individuals to make estimated tax payments by September 15, 2017 and January 16, 2018 have been extended until January 31, 2018.
  • Tax-exempt organizations with original or extended due dates in the applicable period now have until January 31, 2018 to file.
  • The Oct. 31, 2017 deadline for quarterly payroll and excise tax returns is also on relief until January 31, 2018. The IRS will waive late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster relief period.
  • Victims of Hurricane Irma who have retirement assets in qualified employer plans can take hardship distributions or loans from their plans between Sept. 4, 2017 and Jan. 31, 2018 to alleviate hardships caused by the hurricane.
  • The Financial Crimes Enforcement Network (FinCEN) announced that victims can have until January 31, 2018 to file their Report of Foreign Bank and Financial Accounts (FBAR) report for the 2016 calendar year (otherwise due October 15, 2017).

 
Additional relief and affected localities may continue to be updated. Follow along with the latest IRS disaster relief provisions at: Hurricane Irma and Hurricane Harvey
 
 
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