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In business. Can you take cash from a store as a loans to…

In business. Can you...
In business. Can you take cash from a store as a loans to purchase stuff for the store? I was told as long as I pay taxes. Nothing (IRS or court) can do aboutnit. What can happen?
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3/13/2018
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
Experience: Partner at Michels & Hanley CPAs, LLP
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Hello. My name is ***** ***** I'll be the Expert assisting you today. I am a licensed CPA. I look forward to helping you with your issue today. If you are taking cash from the store to purchase items for the store its not considered a loan. It would be an expense of the business or if you are buying inventory it would be inventory vs. loan. If you are taking money out of the business for personal use than it can be taken as a loan or a distribution. Please don't hesitate to contact me with any questions or to clarify the response. I look forward to helping you.

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Customer reply replied 1 month ago
There is no receipt
Of any kind. Bc it’s fam to fam And I am
Thinking since tbere are cameras my brother buying the store coulf use the video of me taking cash and using it against me If that where the case and I couldn’t provenitb

From an accounting and tax perspective if cash is used to purchase something for the business its a reduction of cash (asset) and an increase to an expense. Receipts should be maintained in case you are ever challenged by the IRS. Regarding whether a family member views a video and interprets an act one way or another thats more of a legal question.

I hope I’ve provided the information you were seeking. If you are happy with my service, your 5-star rating at this time is most welcome. If you need more help, please let me know so l can continue to assist you.

Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
Experience: Partner at Michels & Hanley CPAs, LLP
Verified
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Brian Michels
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