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.

Insurance Assistance:

  • 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

Financial Planning:

  • 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.)



A A A


 
Copyright © 2006-2016 American Institute of CPAs.