Most restaurateurs know they lose the cost of the pilfered product, but few understand that they may be responsible for the sales and income taxes (plus penalties and interest) that would have been incurred had the stolen product been sold. Significant tax liabilities often arise from sales (and income) tax audits of restaurants and bars. This can occur anytime purchased wine, beer and liquor is not sold, and one of the most common (and largest) causes of these items not being sold is theft and fraud.
Archive for January, 2011
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Paul S. Hewitt, CPA,… on Groupon Taxes kent on Groupon Taxes BJ on Proving Automobile Business… Paul S. Hewitt, CA on Tips on Tipping Policies Angel on Tips on Tipping Policies
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