Monday, July 22 | 3:20 p.m. - 5:00 p.m. | Concurrent Session
Hobby or Business
2 CPE for AFSP, EA, CPA, CRTP
The hobby versus business argument is made by the IRS in many cases when a taxpayer takes losses on a tax return. Knowing how to use the IRS’s nine factors under IRC 183 for this determination can help you make good choices when preparing for the exam of a return.
Objectives
Upon completion of this session, you will be able to:
-
Summarize the IRC rules for the difference between a hobby and a profit motive business
-
Outline the nine factors used by the IRS to make the determination
-
Determine the treatment of income and expenses for an activity deemed a hobby
CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
