Reconstructing Tax and Business Records after a Casualty

With September as National Disaster Preparedness Month, the IRS has helpful suggestions on how to reconstruct records that have been lost in a fire, storm, or other casualty. Hopefully, your books reflecting income and expenses are on or backed up to the cloud and not lost, but receipts and other records required for taxes as well as for business purposes may be gone. Review the suggestions from the IRS. Example: “to create a list of lost inventories, get copies of invoices from suppliers. Whenever possible, the invoices should date back at least one calendar year.” #IdeaoftheDay

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