Disaster recovery & IRS extensions—Genesis HR Selections

Here are this week’s links to a few good stories we found and selected. We feel they might add valuable insights and perspectives for small to midsize businesses.

Taking steps to protect your business in the wake of a natural disaster is an issue that should be front and center for business owners, especially in light of recent hurricane, wildfire, and earthquake activity.

While we don’t experience disasters like these very often in New England, we do have our share of blizzards in winter. (Disclaimer: As I write this from the island of Martha’s Vineyard, all ferry and air traffic has been halted until further notice due to the remnants of tropical storm Jose). The point is this: Nearly 60% of businesses have no emergency readiness plan and only about one third of those who do ever review it. Our advice? Don’t wait until it’s too late before taking action. Steve Rowley of Cox Business (writing for the CBS Small Business Pulse website) offers some good insight and pointers in Emergency Preparedness Helps Your Business Weather The Storm.

Speaking of emergencies, the IRS extended some deadlines for those who reside in or have businesses in areas affected by Hurricane Irma, following President Trump’s declaration of a major disaster in Florida and Georgia.

Those who filed extensions for 2016 personal or business tax returns will have the deadlines extended. Also, those in the midst of a Section 1031 like-kind exchange will have their time windows expanded. To learn more, read IRS Offers Tax Relief for Those Impacted by Irma, Including for 1031 Exchanges, posted on the JDSupra website.

Finally, for businesses that have established telecommuting policies, one byproduct could be the ability for employees to work from home when the weather doesn’t cooperate.

But for a telecommuting policy to work, it has to be well thought out. Ty Kiisel, writing on the TLNT website, offers a good analysis of what should be considered in 6 Steps to Make Telecommuting Work For You.

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