Business Tax Identity Theft

Claiming a theft loss deduction if your business is the victim of embezzlement

Business Tax Identity Theft, Embezzlement, Small Business, Tax Deduction / Douglas Freeman

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses. The tax code […]

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Businesses aren’t immune to tax identity theft

Business Tax Identity Theft, Internal Revenue Service, Tax / Douglas Freeman

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s identifying information

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