“helping a business owner with a tax problem” discussion post

 
   

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“Helping a Business Owner with a Tax Problem”

  • Kenneth, the owner of a catering company, needs business advice. He recently travelled to Massachusetts for a week for a trip and spent five days on business and two days to visit his family. While he was gone, one of his food trucks was damaged partially by vandalism and two grills were stolen. He is distraught. He does not know how to report the business expenses from his trip or the loss sustained from the vandalism and stolen grills. What are the potential tax consequences and what kind of record keeping do you advise Kenneth to maintain? Were there any components of the Tax Cuts and Jobs Act that impacted this area of the tax law?