Many taxpayers think they have a business and think they are able to write off a number of expenses.
However, the IRS does not always agree and frequently challenges a taxpayer's business and related deductions under the theory that the business is nothing more than a hobby. This on-demand webinar will help you advise your clients how to properly document and substantiate a business and its related expenses to withstand the often scrutiny of the IRS. Learning Objectives: •You will be able to explain activities subject to Hobby Loss Rules. •You will be able to review Safe Harbor. •You will be able to discuss Section 183 limited deductions. •You will be able to identify factors used to determine activity for profit or hobby.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of Hobby Loss Rules - IRC Section 183
Activities Subject to Hobby Loss Rules
Factors to Determine Activity for Profit or Hobby
- Activity Carried out in Businesslike Manner
- Taxpayer's Expertise or Reliance on Expert
- Time and Effort Taxpayer Expends in Carrying on Activity
- Expectation Assets Will Increase in Value
- Taxpayer's Previous Success in Similar Activities
- History of Income/Loss From Activity
- Any Profit?
- Taxpayer's Financial Status
- Elements of Personal Pleasure or Recreation
Safe Harbor - Kind of?
- Profit Three of Last Five Years
No Profit Motive = Section 183 Limited Deductions
Recent Tax Court Cases
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 6, 2014.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Adam S. Fayne
Saul, Ewing, Arnstein & Lehr LLP
- Former attorney with Internal Revenue Service
- Frequently writes on international tax compliance matters
- Represented hundreds of taxpayers with foreign income and assets
- Frequent speaker discussing taxpayers duties to the United States while living abroad
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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