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I am a restaurant owner in texas and I recently discovered

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Hello I am a restaurant...
Hello I am a restaurant owner in texas and I recently discovered that a food vendor had been charging for some invoices that I did not order. He was presenting me with a statement that had many invoices that where not mine.I was not comparing my leget invoices with the statement .I trusted this salesman was giving me the correct totals to pay.Well I was wrong.. I was over paying him for several years.This salesman works for a large food distributer in the US. I should have been checking the invoices much closer.Never the less this large company has assured me that they will return all that this salesman stole from me.He stole several hundreds of thousands of dollars from us. My question to you is Will the money returned back to our restaurant be taxed in any way??.Beings that this is stolen money being returned to us.The vendor admits the salesman did this and there company will return the money to us.this happened in a span of five years.I would greatly appreciate some info about this..
Submitted: 1 year ago.Category: Tax
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Answered in 11 minutes by:
1/8/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

Did you claim the full amount the vendor charged or did you only claim the amounts form the invoices when you filed in those 5 years?

That answer will determine if you need to recapture that expense now that you are being reimbursed.

Of course you can amend the past years and correct the expenses claimed if you did or you can add the amount to your income for the year refunded.

If taxes are paid on it initially, and restitution is part of any settlement or judgment, that restitution is then tax-deductible.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Please advise if you need more information

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