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Level 2
December 6, 2019
Solved

How do you record a monetary loss that was taken from the bank account of a corporation

  • December 6, 2019
  • 2 replies
  • 18 views

My client a corporation, had cyber theft from their bank account.

How do I record it on the tax return 1120?

This topic has been closed for replies.
Best answer by sjrcpa

A theft loss is a casualty or theft loss reportable on Form 4684..

2 replies

IRonMaN
Level 15
December 6, 2019
I’m just curious - what happened if the bank didn’t cover the theft?
Slava Ukraini!
sjrcpa
sjrcpaAnswer
Level 15
December 6, 2019

A theft loss is a casualty or theft loss reportable on Form 4684..

The more I know the more I don’t know.