The AICPA has established an online Disaster Recovery Resource Center that offers a wide range of practical tools members can use to assist their employers and clients ( www.aicpa.org/news/2005/disaster_recovery_resources.htm ). It also provides up-to-date information, useful links and practice management guidance for firms directly affected by Hurricanes Katrina and Rita.
In addition, the AICPA’s Private Companies Practice Section established the Firm Volunteer Center to provide individual members and firms affected by the hurricanes with contact information for firms across the nation that are volunteering to help ( http://pcps.aicpa.org/community/firm+volunteer+center.htm ).
The IRS announced that taxpayers affected by Hurricanes Katrina and Rita can request relief simply by writing “Hurricane Rita” or “Hurricane Katrina” in red ink at the top of all documents they file with it ( www.irs.gov/newsroom/article/0,,id=149500,00.html ; www.irs.gov/newsroom/article/0,,id=148540,00.html ). Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts have been postponed until February 28, 2006. For more information, call 866-562-5227.
The SEC let insurers temporarily follow abbreviated securities registration procedures that maintain the capital and liquidity they need to quickly pay claims from hurricane victims. As the JofA went to press, the commission said this policy would be in effect until December 1, 2005, and that it might extend similar administrative relief to other SEC registrants if necessary.