The 2017 hurricane season is sending insurance claims to unprecedented levels. Business entities have faced catastrophic losses, including significant property damage, lost income and other insurable losses. Business owners that have been impacted should review their policies to understand what is covered and the proper notice with any potential recovery of their losses. The following guidelines provide assistance to affected business owners when documenting and filing a business interruption claim (“BIC”).
On October 2, 2017, Treasury Secretary Steven Mnuchin issued a report recommending, among other changes, the complete withdrawal of proposed regulations under Section 2704 of the Internal Revenue Code. The proposed regulations had caused significant concern amongst owners of closely held businesses and their advisors since being released in August of 2016. Business owners, advisors and members of the business valuation community flooded the IRS with comments and appeared at a public hearing to indicate that the proposed regulations were overreaching, created far too many hypothetical and unrealistic circumstances, and would lead to unintended consequences, including overvaluation in cases where discounts for lack of control and lack of marketability were warranted.
MPI, a prestigious national consulting firm founded in 1939 specializing in business valuation, litigation support and corporate advisory work, has opened a Philadelphia office to serve as national headquarters for its new forensic accounting and economic damages practice. MPI’s Philadelphia office will also support its growing Pennsylvania client base, as well as its traditional business valuation and litigation support services.