Podcast: It’s Past Time to Prepare for the Next Unknown

Key Points:

• Organizations should rethink finite ideas about being protected from unknowns.
• Redundancy in engineering and design are proactive takes.
• Unreimbursed losses are available for tax deductions after a disaster.

The devastating Texas storm of 2021 has hosts Howard Altshuler, Partner-in-Charge, Real Estate Services for Weaver, and Rob Nowak, Partner, Tax Services for Weaver thinking about preparing for the next unknown. After all, the area has dealt with two in the last 12 months. 

“We need to stop thinking things won’t happen,” Nowak urged.

While a pandemic and natural disaster aren’t exactly preventable, organizations can be more proactive than reactive. Altshuler shared his findings about data centers and how they fared well in the storm. “They have redundant systems and think about stuff nobody else does, which is what we need to do.”

Integrating redundancy, the hosts noted, has many implications, from design to codes to architecture. Much of the time, most think the costs outweigh the benefits, but that’s looking less and less true after every disruptive event.

Nowak brought the conversation back to tax liability. “There is a deduction available for unreimbursed casualties and losses, and it’s easier to submit these in a federally declared disaster. Documenting these losses is important, so check with your tax advisor if you sustained a loss.”

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©2021