CPA Services for Those Affected by Disaster
Published October 18, 2006
CPAs can provide a wide range of services to help people manage their finances during the traumatic aftermath of a disaster. A sampling of possible CPA services is listed below.
- How to file claims (documenting losses, developing inventories, reporting requirements, working with agents and adjustors, etc.)
- Understanding policy provisions (deductibles, exclusions, co-pays, limits, etc.)
- Creating an inventory of damaged or destroyed property
- Understanding or evaluating property or life settlements
- Assistance in filing appeals for denied claims
- Managing insurance proceeds and expenses
- Planning for uninsured and underinsured (where to get financial assistance)
Tax Return Filings and Other Tax Issues:
- How to file a casualty loss on an individual tax return
- Documenting and reporting unreimbursed medical expenditures
- Tax preparation services
- Understanding the taxation of insurance proceeds and expense reimbursements.
- Understanding the taxation of unemployment income due to job loss.
- Recreating tax records lost in the fire.
- Managing retirement plan distributions and loans (Understanding tax implications of tapping into retirement savings for cash needs or withdrawal/rollover options for a deceased individual)
Debt Management and Expenses:
- Cash flow planning
- Managing debt and expense payments through insurance settlements
- Prioritizing expenses and strategies to manage late or partial payments
- Assessing future insurance needs and alternatives
- Education funding for retraining due to injury (client cannot continue in current job position) or death of working spouse
- Planning financially for unexpected future disasters
- Strategies to recover financially in the event a primary wage earner is deceased
- Referring clients to estate attorneys for legal document drafting or amendments (updating wills, trusts, powers of attorney, etc.)