Learn how the IRS distinguishes hobbies from businesses, key criteria, tax implications, and strategies to prove a profit motive.
By attending this presentation on Hobby Loss Rules, participants will gain a clear understanding of how the IRS distinguishes between a profit motivated business activity and an activity that is for personal enjoyment and tax benefits. You will learn the tax implications of that classification and the potential financial consequences of misreporting. The session will cover key IRS criteria, real-world court cases, and practical strategies for proving a profit motive to ensure compliance and avoid costly audits or penalties. Whether you’re a small business owner, freelancer, or someone earning income from a passion project, this presentation will provide essential insights to help you maximize deductions legally and safeguard your financial interests.
Learning Objectives
- You will be able to identify when your clients activity might be at risk of being considered a hobby.
- You will be able to explain to your client the importance of demonstrating business with the intent to avoid the hobby limitations.
- You will be able to recognize the key attributes that can make a business activity legitimate
- You will be able to discuss the risks of poor documentation and recordkeeping with your client.
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Why Lorman?
Over 38 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
| Introduction to Hobby Loss Rules | |
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| Key Criteria for Determining Hobby vs. Business | |
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| Tax Implications of Hobby Income and Expenses | |
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| Strategies to Prove Profit Motive | |
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| Risks of Non-Compliance | |
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| Q&A Session | |
| Conclusion and Takeaways | |
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Why Lorman?
Over 38 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
Live Webinar Registration
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
CPE 2.0 including Taxes 2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
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.
Who should attend?
This live webinar is designed for presidents, CFOs, controllers, business owners and managers, bookkeepers, enrolled agents, and tax preparers.
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Why Lorman?
Over 38 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
David P. Smith, CPA, MBA, CM&AA
Smith Patrick CPAs
- Managing Partner of Smith Patrick CPAs
- Experienced CPA and Business Advisor
- Specializes in financial strategies for business transactions and growth, helping business owners make informed financial decisions
- Recognized speaker, author, and media contributor, presenting on tax law, financial reporting, and business strategy at professional conferences and universities; published in Asset Magazine and featured on Saint Louis on the Air discussing complex financial topics
- Serves as Chair of the Missouri Society of CPAs (MOCPA) Legislative Committee, Treasurer of the Missouri Cannabis Trade Association, and is involved in the leadership of several community organizations, including the Old Webster Square Commission and Lighthouse for the Blind
- M.B.A. Degree in finance, Indiana University; B.S. Degree in engineering, Purdue University
- Certified Public Accountant (CPA), Certified Merger & Acquisition Advisor (CM&AA), and Registered Investment Advisor (RIA)
- Can be contacted at [email protected] or 314-961-1600
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More Program Information
Why Lorman?
Over 38 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.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
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