BDO Disaster Response
Hurricane Dorian
When Hurricane Dorian passes, your business may be hit with significant losses – not only from the damage to physical property, but also from the interruption to business operations that hurricanes inevitably cause. Even if your business is able to avoid physical damage, your vendors, suppliers, and customers may not be so fortunate.
In the aftermath of the storm, BDO's Forensic Insurance and Recovery Practice can help those impacted by Dorian navigate the insurance claim process to recoup losses, repair damages, and resume business operations as quickly as possible.
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IRS and State of Texas Announce Relief for Victims of Tropical Storm ImeldaThe IRS has announced that relief is being provided for victims of Tropical Storm Imelda, which includes – as of now – Chambers, Harris, Jefferson, Liberty, Montgomery, and Orange Counties. Affected taxpayers now have until January 31, 2020, in which to file various individual and business tax returns, the filing deadlines of which started on September 17, 2019. |
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Top 5 Tips For Filing a Post-Disaster Insurance ClaimWhen disaster strikes, organizations can face significant losses—not only from damage to physical property, but also from the business interruption caused by the event. As companies take steps to recover and rebuild, BDO's Forensic Insurance & Recovery Practice helps those impacted navigate the insurance claim process. Take a look at five key tips to keep in mind when filing an insurance claim after a disaster. |
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SEC Extends Filing Due Dates for Registrants Affected by Hurricane MichaelThe SEC issued an exemptive order on October 16th providing regulatory relief for anyone that cannot file timely due to Hurricane Michael and its aftermath. The order extends the filing deadline to November 23rd for any filing due during the period from October 10th to November 21st. |
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Hurricane Michael ReliefThe IRS announced on October 12 that deadlines to file returns, pay taxes and perform certain other time-sensitive acts are extended to any Major Disaster Declaration area affected by Hurricane Michael designated by the Federal Emergency Management Agency as qualifying for either individual or public assistance. |
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SEC Extends Filing Due Dates for Registrants Affected by Hurricane FlorenceThe SEC issued an exemptive order on September 19th providing regulatory relief for anyone that cannot file timely due to Hurricane Florence and its aftermath. The order extends the filing deadline to October 29th for any filing due during the period from September 14th to October 26th. |
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Hurricane Florence ReliefOctober 3 Update: IRS grants relief to certain South Carolina residents.The IRS announced on September 15 that taxpayers affected by Hurricane Florence may qualify for relief from certain filing deadlines, tax payments, and other time-sensitive acts. |
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After Hurricane Devastation, IRS Outlines Ways to AssistHurricanes Harvey and Irma have wreaked havoc on the lives of thousands of Americans, leaving many looking for ways to assist those in need and achieve favorable tax treatment. The IRS has maintained historical guidance and made recent announcements that provide guidance for those individuals and employers looking to assist victims. |
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Relief Measures Impacting Employee Benefit Plan SponsorsIn response to Hurricanes Harvey and Irma, the IRS announced that employer-sponsored retirement plans can make participant loans and hardship distributions available to participants and certain members of their families who live or work in the affected disaster areas designated for individual assistance by the Federal Emergency Management Agency (FEMA) – relaxing procedural and administrative rules that normally apply to participant loans and hardship distributions, including the abatement of the six-month ban on employee contributions following the hardship distribution. |
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Hurricane Victims Not Immune to Cyber Threats |
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Federal Tax: Hurricane Harvey and Hurricane Irma ReliefThe IRS announced on September 12, 2017, that victims of Hurricane Irma on September 4, 2017, in parts of Florida and elsewhere may qualify for relief from certain filing deadlines and tax payments. This follows the IRS announcement that victims of Hurricane Harvey on August 23, 2017, impacting the state of Texas may qualify for relief from certain filing deadlines. |
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Restaurants Getting Back to Business After a Natural DisasterCoastal states from Texas to Georgia and surrounding tropical islands are reeling following Hurricane Harvey and Hurricane Irma. Now individuals and businesses are gearing up for recovery and bracing themselves for potential follow-up storms. As businesses assess damage and move toward reopening, there are several risk management factors to keep in mind following these storms, and to prepare for future events. |
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Recovering And Reopening Following A Natural DisasterThe first several weeks following a big storm, businesses that are properly covered by insurance are likely beginning to check off steps on their emergency preparedness checklist. Those that don’t have developed contingency plans, or are noticing gaps in their path forward, should consider incorporating the below next steps for coping with disaster and picking up the pieces. |
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Disaster Tax Relief And Airport And Airway Extension Act Of 2017President Trump signed into law the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (Public Law 115-63). As part of the Act, eligible employers located in a federally designated disaster zone on specified dates may be eligible for an employee retention credit equal to the lower of $6,000 or 40% of qualified wages paid to eligible employees for periods during which the employer’s business was inoperable. |
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