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Volume 4, Issue 9, September 2006

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It's National Preparedness Month – Are You Prepared?

September 2006 is National Preparedness Month, an initiative designed to increase awareness and promote emergency preparedness. Throughout the month of September, the Department of Homeland Security encourages businesses and families to take steps to prepare for disasters of all kinds, including national disasters and terrorist attacks. Ready.gov provides individuals and businesses with information that could prove critical in the event of a disaster.

Individuals and Families

According to Ready.gov, you and your family should begin by preparing an emergency supply kit and planning what you will do in the event of an emergency or national disaster. It is important to establish a family communication plan so that individual family members know who to contact in the event that your family is separated. Your family’s emergency plan should include a plan both to get away, and to shelter-in-place, depending on the circumstances. Because the action you take depends on the risks and situations at hand, you should always stay tuned to a TV or radio for further details, and make yourself aware of the specific risks that threaten your community in order to plan for those circumstances. For additional information about disaster preparedness for families, please consult the Ready America Brochure available at Ready.gov.

Businesses

Emergency planning for businesses can be a little tricky, but it is a crucial endeavor – having a plan in place can help you quickly get back to business, improving your business’ chance for survival. Business owners must plan to protect the safety of their employees, while also taking steps to ensure the livelihood of the business. Among the steps businesses must take when implementing a plan are: planning for business continuity, training employees, gathering emergency supplies, safeguarding critical records, preparing evacuation and shelter-in-place plans, establishing a crisis communication plan, reviewing insurance coverage, protecting information technology systems, and, importantly, providing support for employees and their families. For more detailed information concerning emergency preparedness for businesses, please review the Ready Business Brochure available at Ready.gov.

The information contained within this article represents only a small portion of the emergency preparedness information available at Ready.gov, Citizen Corps, The Red Cross, and the Department of Homeland Security. Please consult these resources for additional information.

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IRS Announces Telephone Tax Refund Amounts

In order to simplify the process of refunding the excise tax collected on long distance telephone service during the period from February 28, 2003 to August 1, 2006, the IRS has announced standard refund amounts for individuals. Standard refund amounts are based upon the number of exemptions a taxpayer claims on his or her 2006 federal income tax return. They are as follows:

$30 for a taxpayer with one exemption

$40 for a taxpayer with two exemptions

$50 for a taxpayer with three exemptions

$60 for a taxpayer with four or more exemptions

The standard amounts have been calculated based upon actual telephone usage data in order to best represent the actual tax paid by similarly-sized families. Taxpayers can choose either to determine the tax actually paid during those 41 months by collecting old phone bills or to claim the standard amount.

While anyone who has paid the long distance excise tax is eligible for a refund, only individuals may use the standard amounts. Refunds for businesses and non-profit organizations must be based on the actual amount of long-distance excise tax paid; however, the IRS is working on a method to simplify the process.

Should you have any questions regarding the refund on long distance telephone excise tax, contact the tax professionals at Kemper CPA Group LLP.

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A Not-So-Minimum Topic...

It may seem as if the minimum wage is a simple thing – it’s an hourly wage rate based upon the federal law that states what must be paid as a minimum wage in the United States. However, a closer look at the minimum wage requirements in each state reveals that a number of states have set their own, higher minimum wage. And then there are those local living wage laws, ordinances regarding employee benefits set by local governments, and the potential for the federal government to possibly raise the minimum wage in each legislative session…it’s just not as simple as it seems.

When the state law has set a different minimum wage than the federal law, the higher rate applies. In addition, overtime rules are very specific for each state, and also vary somewhat based upon the type of work being done by employees.

The Department of Labor also offers a color-coded map of the United States, illustrating which states have minimum wages rates that are lower than, the same as, or higher than the federal minimum wage, along with information regarding effective dates, and when overtime rates must be paid in each state at http://www.dol.gov/esa/minwage/america.htm.

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Loose Change

The September/October 2006 issue of the “Loose Change” Newsletter includes the following articles:

Contact Kemper Capital Management LLC for all of your investing needs.

Investment advisory services offered by KCPAG Financial Advisors LLC, a registered investment advisor. Securities officered through Securities America, Inc., a registered broker/dealer. Member NASD/SIPC. Thomas A. Moore, John D. Porter, Polly Reynolds, Shawna D. Horne, Jeffery C. Holt, CA insurance Lic. #0E38034, Jessica Daugherty, Joseph M. Mendes, CA Insurance Lic. #0C62535, Regina S. Hughes, Gregory Meador, Marcia Elder, Registered Representatives. Insurance services offered through KCPAG Insurance Services LLC. Kemper Capital Management LLC and its subsidiaries are not affiliated with Securities America.

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Protect Your IT System – Prepare for Emergencies

Disasters don’t always come with a warning, and information technology systems are a vital component in today’s business environment. Having an emergency plan in place can mean the difference between being fully operational in just a few short days, and having to close your business’ doors for good.

Businesses of all sizes should implement a recovery plan to restore vital business functions in the event of a disaster. A little planning now can save you a big headache, should disaster strike, and there are a number of preventative actions you can take. Consider the following as you put together a formal emergency plan and take steps to protect your information technology systems:

Maintain a computer inventory log, including serial and model numbers, purchase dates, and cost; store a copy of this list in an off-site location.

Elevate computers to reduce the risk of flood damage, and do not store computers near windows.

Back up vital electronic files, and retain copies in a secure, off-site location.

Secure heavy equipment to prevent falls that could cause injury to employees or damage the equipment.

Connect servers and other critical network components to battery-powered backup devices.

Research the availability of “hot sites” – recovery facilities equipped with computers, communication lines, and work areas – and mobile recovery service providers.

Arrange formal agreements to share facilities with other businesses in the area in the event you are unable to occupy your own building or use your own computers.

The professionals at Kemper Technology Consulting, a division of Kemper CPA Group LLP, can help you implement strategies designed to protect your IT systems in the event of a disaster. Contact Kemper Technology Consulting for additional details.

Kemper Technology Consulting
Robinson, IL
618-546-5633
www.kempertc.com

Evansville, IN  •  Indianapolis, IN  •  Paducah, KY  •  Effingham, IL

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Please be advised that, based upon current Internal Revenue Service (IRS) rules and standards, the advice herein is not intended to be used, nor can it be used, as the sole basis for decisions. Additional issues may exist that could affect the treatment of the individual transactions, and this narrative does not provide a conclusion with respect to all such issues.

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