The Schedule C Hobby Loss Exam (Completed)

Date: Tuesday, August 3, 2021
Instructor: Eric L Green
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

We all handle IRS exams, but what do you do when the IRS believes your client’s “business” is not a business at all? This program will review the Hobby Loss rules under IRC 183 and what practitioners should do before and during the exam to help save those claimed losses.

Topics Covered

  • Hobby Loss rules under IRC 183
  • The nine factors the IRS uses to determine if an activity is a business or hobby
  • What practitioners should do before and during the exam to help save those claimed losses

Learning Objectives

  • Identify Hobby Loss rules
  • Recognize how to explain the nine factors the IRS uses to determine if an activity is a business or hobby
  • Identify things the practitioner can do with clients to bolster their case that the activity is not a hobby

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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