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1099s For Employee Thefts?

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Question: 
I have had several large employee thefts during the last year. Do I need to send out a 1099 or other government form for the "non-reported income"?
Answer: 

Assuming you are talking about confessions and convictions - Do you NEED to send one out? - No, there is no requirement to do so. SHOULD you send one out? I'd say, Yes. It's one of the ways security officers use to hold the thief accountable for stealing from the bank. It's sort of a "get-back". One security officers have been using for a long time. And you want to send one not only for employees who steal, but for anyone who is charged and convicted of stealing from you.

Visit the BOL Banker Store to order a copy of the Employee Theft Video.

First published on BankersOnline.com 3/4/02

First published on 03/04/2002

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