WEBINAR ENDED
WEBINAR DETAILS
  • When
  • About
    Free Webinar

    REPLAY CAN BE FOUND AT
    ondemand.taxpracticepro.com

    Millions of people enjoy hobbies that are also a source of income. From catering to baking
    cupcakes, crafting homemade jewelry to wind chimes -- no matter what a person’s passion, we
    as tax professionals must determine if our client has a business or Hobby.
    The rules for how to report the income and expenses depend on whether the activity is a hobby
    or business.
    Sometimes the tax law is so obvious that one need not be an expert to conclude the result of a
    case. But at times we allow ourselves to be so obscured in details that we can miss the obvious,
    even in the world of complicated tax law.
    This course provides a useful overview of determining if a business venture is a hobby subject
    to limitations on deductions or if the business venture is truly a trade or business and
    deductions are fully allowed under IRC Section 162.

    1 IRS CE/1 NASBA CPE
  • Agenda
    • Extrapolate & Critique the Nine Relevant Factors
    • Examine what is a “Trade or Business”
    • Interpret the presumption that an activity is engaged for profit
    • Explore relevant case law
    • Provide and evaluate Client Questionnaire on Trade or Business Factors Regarding Profit Motive
    • Formulate a plan on how to prove an activity is a trade or business when IRS says otherwise.
  • Price
    Free
  • Language
    English
  • OPEN TO
    Everyone
  • Dial-in available
    (listen only)
    Not available.
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