A bridge over an interstate started "shedding concrete."
That is, concrete chunks were falling on the interstate. The overpass bridge had to be closed. No vibrations allowed.
Out of the blue.
The bridge was closed. Suddenly there was a six mile work around to get to several housing and business areas.
Really hard on the business and employees.
Latest scam?
Phony invoice scams are nothing new.
But......
Phony invoices generated by AI are like a plaque of locusts, lots and fast moving.
Also, email request for payment with bank links are lurking out there.
Business owners must tighten internal controls.
Professional firms must warn their clients AND tighten internal controls.
So two of the most likely disaster events for your location/s would be fire and flood.
What would be the possible outcomes?
* business shut down for (possible time period)
* inventory lost in the amount of $_____
difficult to replacement?
*equipment / furniture / fixture
what? lost or damaged?
replace or refurbish?
* employees in immediate jeopardy
*employees out of work for _______ period
employees moving to other employment? probability
* customers who move to other services or vendors?
* business records damaged or lost
*IT resources likely to be damaged or lost
This analysis is quite necessary and quite sobering.
Spend some time planning for a disaster.
Play the "what if" scenario.
What if fire, flood, blizzard, power outage (like Indiana this month) or other disaster kept you out of the office and/or without utilities for several days?
Or worse, what if your office is damaged so severely it must be abandoned?
What if?
What preparations can be done?
What would be the impact of?
... being flooded out of your office during tax season?
.... a blizzard that shut down your area for several days?
.... a fire in your office building? (water and smoke tend to travel far and fast)
.... an ice storm that cuts power for four days? internet for five days?
.... a fire in a commercial building two blocks away?
.... a chemical spill in a near by truck depot?
This analysis depends on your location, the type of structure, the type of neighbors (in the building and in the neighborhood), and your geography and topography.
Professional firms are subject to the same risks as other businesses.
Fire, flood, lightning strikes, power outages, tornadoes and hurricanes, the whole range.
What would happen if you lost access to your office for a few days, a week or more?
What if everyone had to work remote for an extended period of time?
What would happen if your Internet was out for an extended period of time?
What if another company in your office building did something to compromise the entire building?
What if a fire turned your paper records into a wet smoky blob?
What if a water pipe broke in the sprinkler system?
Anticipate and prepare!
What could go wrong?
Fire, flood, tornado, hurricane, water leaks, vehicle accidents **, earthquakes, forest fires, power surges, etc.
In our area there is a significant probability of tornados, a near 0 probability of hurricane damage, a tiny probability of an earthquake, and depending on the location a significant probability of flooding.
If you are in an office building or retail strip you need to worry about problems caused by neighbors.
Make a list of possible disasters, assign a probability to each, and think through your reaction (more on that later).
** Our city has regular episodes of vehicles driving into building lobbies or store fronts.
Stages of Risk Management
1. Anticipation of Risk Events
2. Potential Impacts of Risk Events
3. Probability of Risk Events
4. Develop and Implement Action Plan
5. Monitor Environment
6. Transfer (often with insurance)
I have an obsession with risk management, and that includes disaster preparedness.
This year has been a nasty season of fires and floods and tornados and the year is not over.
In my experience disaster preparedness is a low priority for many businesses and professional practices, until the water is seeping under the door or the flames are licking at the office building.
So I am going to do a series on risk management, some repeats, to help small businesses and professional practices prepare for disasters.
You may never experience a disaster, but when you do it will be miserable at best.
One more time.....
Bookkeeping, sure it is boring. And repetitive.
AND CRITICAL........
to accurate financial statements
to accurate tax returns (required by law)
to accurate analytics
to accurate billing
to lenders
etc.
Business returns depend on a clean trial balance, in order to produce a clean income calculation and a clean balance sheet. Business returns can be easy for tax professionals or can be a nightmare.
The owner of the business determines which it will be.
About bookkeeping, which is usually a boring topic - but a critical topic.
The IRS requires accurate bookkeeping and accurate filings, and your tax professional should do likewise.
Not every bookkeeping and record keeping scheme is perfect, but you should strive for close.
Also, accurate and useful analytics are only possible when the bookkeeping and accounting system is accurate.
Don't think much about analytics? You should be.
Presenting your tax professional with clean accu.rate accounting records will save you money, save you grief, and has the potential to improve your managment
Be kind to your tax professional.
Pros must work through high volumes of complex data and then apply a massive amount of data via complex statutes and regulatory law, and get it all on the proper forms and explain it to the client.
And work with the IRS.
All under time pressure.
What can clients do to help?
Answer phone calls and emails promptly
Keep all of your documents together and in good order
Do not try to take deductions your pro says are not deductible
Do not follow tax advice from Tik-Tok or Instagram
Keep appointments
Pay estimates taxes when scheduled
Try to avoid surprises (if you have major transaction/s during the year which alter your tax profile let the pro know early - buy a business, sell a business, start a business, sell a large amount of investments, sell your house, marriage, baby, get divorced, death in family, etc.)
Be patient
by Tom Ealey, CPA
(c) Plain English Publishing 2026
The One Big Beautiful Bill (OBBB) tax provisions ar easy to turn into slogans but very difficult to put into records and forms.
The overtime and tip provisions are very very complicated. VERY complicated.
Worse in tandem with your tax professionals to get it right, because amendments are complicated and expensive.
It .... Is.....Not.....Easy
