You may think you can face the IRS alone but every year we represent many clients who thought the same thing. Why walk into an IRS AUDIT unprepared and uninformed? Why not audit proof your business? The answer isn’t you can’t afford a hobby loss expert. The answer is you can’t afford not to have us on your team.
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A hobby loss is defined as a loss that is determined by the Internal Revenue Service to be the result of an activity not entered into for profit. The effect of a determination that your business is a hobby is that the loss cannot be deducted from income. This effect is usually devastating It uaually results in .the taxpayer owing taxes, penalties and interest for three years WITH liabilities reaching $50,000, $100,000 and above. We routinely handle cases involving close to 7 figures.
The IRS likes to argue that certain businesses are actually a hobby because many people lose money in them due to its high risk. The rules say you have to gain a profit in two out of five to seven years (if it is a farming related activity) to be called a business. But what if you don’t? We have won many cases where there were not two profitable years. Let us “risk assess” your operation and advise you how to avoid being labeled a hobby by the Internal Revenue Service. There are very specific steps you need to take today to avoid many thousands of dollars of potential tax liabilities at a later date. Let us guide you thru this complex maze of tax law and court cases so your business stands the test of tax law.
If you have Any questions feel free to contact us at 844-777-7200.
Mailing address: P.O. 3 Dublin,
Phone 888-338-2999, 844-777-7200