Hobby Loss Rules 1 Credit
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Dec 17, 2024 | 01:30 PM
ET
Unlock the complexities of Hobby Loss Rules in this enlightening CPE course. Dive into the world where passions meet income and explore the crucial distinctions between hobbies and businesses. From baking and crafting to various entrepreneurial pursuits, tax professionals are tasked with the challenge of deciphering whether an activity qualifies as a hobby or a full-fledged business.
Navigate the intricate rules governing the reporting of income and expenses, shedding light on the determining factors that distinguish hobbies from businesses. In tax law, clarity is paramount, and this course aims to demystify the sometimes-overlooked aspects that can significantly impact tax outcomes.
Delve into an insightful overview, examining the Nine Relevant Factors that are pivotal in making the crucial distinction. Unpack the definition of a "Trade or Business" and interpret the presumption guiding activities engaged for profit. With a comprehensive exploration of relevant case law, participants will gain valuable insights to make informed decisions.
Equip yourself with practical tools, including a Client Questionnaire on Trade or Business Factors Regarding Profit Motive. Learn how to formulate a strategic plan to establish an activity as a trade or business, even in the face of IRS skepticism. Join this CE Tax webinar for a deep dive into the Hobby Loss Rules, where clarity meets complexity, and leave with a heightened understanding of navigating these intricacies for your clients.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.
A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals.
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. While onboard the destroyer, the ship executed many missions in the Straits of Hormuz off the coast of Iran.
Outside of his tax practice, A.J. 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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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
Every tax season, a practicing CPA is haunted by a decision is the loss is subject to the hobby loss limitations. Building a decision tree documented contemporaneously is a useful first set in prevailing under audit. Thank you.
LD
Great Presentation. Clearly differentiates an ongoing business/trade from a hobby for tax purposes. Interesting and valuable presentation. Useful handout. Highly recommended.
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