Is it a Business or Not? Dealing with the IRS Hobby Loss Exam
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Is it a Business or Not? Dealing with the IRS Hobby Loss Exam (MLC474X)
How to Protect Your Client's Business from Being Deemed a Hobby
Once a business has had a loss or a string of losses, the IRS begins to question the underlying operation itself, in an attempt to restrict the taxpayer from taking the losses for tax purposes.
Join this On Demand Webinar by expert speaker Eric L. Green where he will discuss the hobby loss rules and how practitioners can best help their clients defend their enterprise from being deemed a hobby.
Eric will provide a walk-through of the exam process and share what is special about a hobby loss exam, and how to prepare the client and the case for reaching the best outcome. This presentation will cover not only the IRS rules but what taxpayers and practitioners need to do to properly prepare for handling the IRS exam.
What makes an enterprise a business instead of a hobby
Factors that the IRS uses to determine if the taxpayer is running a business or involved in a hobby
What a tax preparer should consider when preparing a tax return where the hobby loss rules might come into play
How should a client prepare for a hobby-loss exam by the IRS
What the clients need to do to make sure they meet the IRS test for qualifying as a business
NASBA & IRS Category of Study: Taxes
Level: Basic to Intermediate
Who should attend?
Tax practitioners who do tax returns for small, closely held businesses and individuals, as well as practitioners who represent taxpayers before the IRS.
Eric Green is a partner in Green & Sklarz LLC, a boutique tax firm with offices in Connecticut and New York. The focus of Attorney Eric L. Green's practice is civil and criminal taxpayer representation before the Department of Justice Tax Division, Internal Revenue Service and state Departme...