California Sales Tax for Veterinarians - Theft Losses

You are required to pay tax on all of your taxable sales despite any loss of proceeds from them.


As a result, you may not take a deduction for a loss due to robbery, theft, or shoplifting.

Although you cannot deduct such losses, you must document them in your records.

Acceptable forms of documentation include police reports, insurance claims, reports from private investigating agencies, and so forth.

It is important that you be able to account for all of your inventory and income if your practice is audited.


Source: California Department of Tax & Fee Administration (CDTFA)

Course: https://salestaxsolutions2000.com/california-sales-tax-veterinarians

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