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Claiming a theft loss deduction if your business is the victim of embezzlement
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 can only claim a casualty loss tax deduction in certain situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you...
Want to find out what IRS auditors know about your business industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return....
Getting a divorce? Be aware of tax implications if you own a business.
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest...
Does your employer provide life insurance?
Here are the tax consequences Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your...
Employee Retention Credit (ERC) Worth It?
Are you familiar with the Employee Retention Credit (ERC)? If not, you may be missing out on thousands, tens of thousands, maybe even hundreds of...
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