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OnDemand Course

IRC Section 183 Hobby Loss Rules

Many taxpayers think they have a business and think they are able to write off a number of expenses. However, the IRS does not always agree and frequently challenges a taxpayer's business and related deductions under the theory that the business is nothing more than a hobby. This on-demand webinar will help you advise your clients how to properly document and substantiate a business and its related expenses to withstand the often scrutiny of the IRS.

Learning Objectives:

  • You will be able to explain activities subject to Hobby Loss Rules.
  • You will be able to review Safe Harbor.
  • You will be able to discuss Section 183 limited deductions.
  • You will be able to identify factors used to determine activity for profit or hobby.

Runtime: 99 minutes
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Why Lorman?

Over 33 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

Overview of Hobby Loss Rules - IRC Section 183

Activities Subject to Hobby Loss Rules

Factors to Determine Activity for Profit or Hobby

  • Activity Carried out in Businesslike Manner
  • Taxpayer's Expertise or Reliance on Expert
  • Time and Effort Taxpayer Expends in Carrying on Activity
  • Expectation Assets Will Increase in Value
  • Taxpayer's Previous Success in Similar Activities
  • History of Income/Loss From Activity
  • Any Profit?
  • Taxpayer's Financial Status
  • Elements of Personal Pleasure or Recreation

Safe Harbor - Kind of?

  • Profit Three of Last Five Years

No Profit Motive = Section 183 Limited Deductions

Recent Tax Court Cases

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More Program Information

Why Lorman?

Over 33 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

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.

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More Program Information

Why Lorman?

Over 33 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

Adam S. Fayne

Adam S. Fayne

Saul, Ewing, Arnstein & Lehr LLP

  • Former attorney with Internal Revenue Service
  • Frequently writes on international tax compliance matters
  • Represented hundreds of taxpayers with foreign income and assets
  • Frequent speaker discussing taxpayers duties to the United States while living abroad
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More Program Information

Why Lorman?

Over 33 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!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 390719
Published 2014
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