Month: September 2021

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 … Continue reading “Claiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement”