How can Michael R Choate & Company, CPAs help your business recover?

On August 29 2005, Hurricane Katrina devastated thousands of lives and livelihoods throughout South Louisiana. We pray that you, your family and friends are safe and can soon begin to regroup and rebuild a better life .

Our CPA firm is focused on the immediate goal of your  business recovery and the long range goal of your business growth and prosperity.

Insurance Claims

Insurance claims from a natural disaster usually involve two areas: property damage and loss of income . Property damage is fairly obvious and can be documented by fixed asset records, inventory records and income tax returns. Before and after photos are helpful too.   Contact your insurance company ASAP and start the process.

Loss of income is more difficult to determine and document.   Calculations often revolve around the "but-for"   world. "But for the hurricane," we would have made a projected net income. This claim is more time consuming and complex. An "end date" will need to be determined - when did normal business operations resume?

Lost Records

What if all of your records were lost in the storm?   We can reconstruct your records through tax returns and fixed asset records maintained by our office. Also, we can order copies of income tax, payroll tax and sales tax returns from the various tax authorities. If you use an outside payroll service, they can provide backup. Your bank can also provide copies of relevant documents as can your credit card company. Your major vendors are also a good source of information. Just let us know what's missing and we will go to work for you.

Lost Income Documentation

Lost income calculations must be logically documented.   Substantiating evidence must be available for the insurance adjustor's review. We can provide or review your calculations and defend them to the insurance adjustor as necessary.

If you need professional help in any of these areas, please call us at {225) 292-7434 or (985) 674-9092 or email .

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