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Oklahoma CPAs offer free advice for disaster planning, recovery

Journal Record, The (Oklahoma City), May 13, 2008

Oklahoma certified public accountants are offering free disaster planning and recovery guides and an emergency information booklet for recent storm victims.

Created by the American Red Cross, National Endowment for Financial Education and American Institute of Certified Public Accountants, the two guides are available by calling the Oklahoma Society of Certified Public Accountants at 800-522-8261 or by download from www.KnowWhatCounts.org.

The Family Emergency Kit, created by OSCPA, provides a single place to store and organize financial and personal information. The kit is available online and by request from the same Web site.

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McAlester, where CPA Jimmy Williams operates his firm, was hit by one of the recent storms.

"The fist step toward financial recovery is to prepare a plan for managing your income, expenses and debt," said Williams. "If you're in need of cash, determine whether you're eligible for disaster relief funds from federal, state or local governments."

The next step, he said, is to estimate your losses, gather insurance policy numbers and file appropriate claims.

"Claims are frequently settled in the order in which they are received," Williams said. "If you do not have a complete listing of household items, check with relatives and friends for photographs taken in your home that may help to support your claim."

Williams said that some storm victims may be eligible a tax refund based on their property losses, if they meet IRS deductibility guidelines.

"Usually, this means claiming the loss on your next income tax return," he said. "However, if the property is declared a federal disaster area, you may be able to accelerate your deduction by amending your return for the prior tax year."

People should also determine whether they have lost items such as their Social Security card, driver's license, bank statements, stock certificates and recent bills, make a list and obtain copies.

Williams also said that disaster sometimes underscore the importance of having a will, to name heirs and appoint a guardian for young children.

"If you die without a will, the state decides who gets your possessions," he said. "So the question is, who do want to make those critical decisions?"

Business Services Industry

Oklahoma CPAs offer free advice for disaster planning, recovery

Journal Record, The (Oklahoma City), May 13, 2008

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