WEBINAR: Hobby Loss Rules - E3S5R-T-01051-26-O
1 Hour Tax (Federal); IRS:
Millions of people enjoy hobbies that are also a source of income. From catering to baking cupcakes, crafting homemade jewelry to wind chimes -- no matter what a person’s passion, we as tax professionals must determine if our client has a business or Hobby.
The rules for how to report the income and expenses depend on whether the activity is a hobby or business.
Sometimes the tax law is so obvious that one need not be an expert to conclude the result of a case. But at times we allow ourselves to be so obscured in details that we can miss the obvious, even in the world of complicated tax law.
This course provides a useful overview of determining if a business venture is a hobby subject to limitations on deductions or if the business venture is truly a trade or business and deductions are fully allowed under IRC Section 162.
Learning Objectives:
- Extrapolate & Critique the Nine Relevant Factors
- Examine what is a “Trade or Business”
- Interpret the presumption that an activity is engaged for profit
- Explore relevant case law
- Provide and evaluate Client Questionnaire on Trade or Business Factors Regarding Profit Motive
- Formulate a plan on how to prove an activity is a trade or business when IRS says otherwise.
Registration Options
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Registration Options
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Credits | Price |
|---|---|---|
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Member
Registration Ends 9/30/26 at 10:00 AM EDT
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1.00 (Tax (Federal)) | $35.00 |
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Non-Member
Registration Ends 9/30/26 at 10:00 AM EDT
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1.00 (Tax (Federal)) | $65.00 |
Allan J. Reynolds, EA
A.J. is an enrolled agent (EA) with over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. specializes in IRS Audits, Appeals, Collections, Innocent Spouse, Independent Contractor vs. Employee Issues, and Civil Tax Fraud Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives.
Based in Sioux City, Iowa, A.J. nevertheless brings his everyday “in the trenches” experience to seminars nationally and internationally to assist attendees with real issues affecting tax professionals. A.J. has spoken Basics + Beyond Income Tax Seminars and Webinars, NATP National Conference and Webinars, NAEA Webinars, NTI Resort Conferences, and Iowa State University Webinars and Annual Tax Seminars.
A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. During his time on the destroyer, A.J. and crew members were awarded the Navy Expeditionary Medal for their work in the Straits of Hormuz off the coast of Iran.
Outside of his tax practice, he is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.
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For More Information:
150 Corporate Center Drive Suite 205Camp Hill, Pennsylvania 17011
United States 800.270.3352