Navigating the Hobby Loss Rules IRC 183 (Completed)
Date: Friday, October 4, 2024
Instructor: Susan Harper
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
Is your client involved in a hobby or activity engaged in for profit? Join Susan Harper, Certified Fraud Examine, and former IRS Internal Revenue Agent for over 30 years, as she helps you navigate IRC 183 sometimes referred to as the “hobby loss rule.” As IRC 183 limits deductions for activities not engaged in for profit, this webinar will address what constitutes an activity engaged in for profit and the tax implications of incorrectly treating hobby activities as activities engaged in for profit. Susan will deliver an entertaining and informative discussion to heighten your awareness to protect your clients while sharing several interesting court cases, some of which may surprise you!
Topics Covered
- IRC 183 Introduction
- Special Considerations
- Nine Factors in Treas. Reg. 1.182(2)(b)(2)
- Safe Harbor Rules
- Importance of IRS Interview & Tour of Business
- Court Cases
- Resources
Learning Objectives
- To understand the purpose and history of IRC 183
- To provide insight into the examination process of the “hobby loss rules”
- To digest the general rule and deductions allowable per IRC 183
- To discuss the presumptions and safe harbors involving IRC 183
- To understand the nine relevant factors per the Treasury Regulations
- To anticipate potential examination issues of the IRS auditor
- To dissect various court cases ruled activities engaged in for profit, as well as hobbies
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
