What is a business theft?

What is a business theft?

Business identity theft happens when criminals pose as owners, officers or employees of a business to illegally get cash, credit, and loans, leaving the victimized business with the debts.

What is an example of business record theft?

It is perpetrated by employees, shareholders, or anyone directly affiliated with the company that is being defrauded. Some examples include employee theft, tax fraud, or embezzlement, bribery, or insurance fraud.

What can you do if your business identity is stolen?

What to Do if Your Business Identity is Stolen

1. Collect Information about the Situation. Find out everything you can.
2. Report the Fraudulent Account. File reports about the breach with the Federal Trade Commission and with your local police department.
3. Let the Business Credit Bureaus Know.
4. Close Any Other Affected Accounts.

What if someone uses my EIN number?

If they believe someone fraudulently used their Employer Identification Number, notify the IRS immediately using the contact information on the notice or letter. File a police report with the local police department. Carefully review and reconcile account statements as soon as they receive them.

Can someone steal your business logo?

Logo theft is a violation that occurs when one party steals or uses another party’s trademarked logo without their permission. This is a more specific term for trademark infringement, and can take many forms. It typically involves the theft of a trademark or a service mark.

How do I protect my business name?

4 ways to protect your company name

1. Register the company. It is not possible to reserve a company name with the intention of incorporating it later, therefore it is best to register your company as early as possible to avoid any disappointment.
2. Register a domain.
3. Consider similar names.
4. Business information tracking.

Should you keep your EIN private?

No, EINs are not kept confidential and are a matter of public record. Therefore, it is important that you keep your EIN safe and secure to ensure that no one attempts to commit fraud by using your EIN.

Is EIN safer than SSN?

Individuals can eliminate their risk of sharing personal information via the business by using an EIN instead of an SSN. EINs are provided free of charge from the IRS and are used by companies to protect the privacy of an owner’s SSN and other personal information.

How do I calculate business theft losses on my taxes?

You must calculate your total business theft losses using Form 4684, “Casualties and Thefts.” If you are a business owner, you must report the total from Form 4684 on Line 14 of your Form 1040 as “Other gains (or losses).”

What is considered lost or stolen property?

The lost property can be money, equipment, supplies or even items owned by an employee for use on the job. The Internal Revenue Service defines theft as any crime involving “the taking and removing of money or property with the intent to deprive the owner of it.” The definition covers burglary, robbery, embezzlement, extortion and even blackmail.

Is technology and patent theft still a controversial issue?

The recent Samsung versus Apple lawsuits show that technology and patent theft is still a contentious issue in the world of commerce. We say “still” because, throughout modern history, many money-spinning business ideas have been incorrectly credited to the wrong people.

How do I claim stolen property on my taxes?

If you are an employee and the stolen property was required for your job, you must report the total on Form 4684 on Line 28 of Schedule A as “Other miscellaneous deductions.” You can only deduct the total as an employee if you itemize deductions.