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

[Kathryn304]

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

How do I record it on the tax return 1120?

[IRonMaN]

I’m just curious - what happened if the bank didn’t cover the theft?

[sjrcpa · Accepted solution]

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