Official IRS Tax Guide to Auditing Horse Activities

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Overview

When your horse activities show substantial tax losses, the IRS may declare that you don't have a business at all but merely a hobby. When that happens, not only will current tax deductions be disallowed but you may be required to pay thousands of dollars in back taxes, penalties and interest. It could bankrupt you. But your horse business can withstand an IRS challenge if you follow the simple rules of the game. What you need to know is contained in the Official IRS Tax Guide to Auditing Horse Activities. This is the official training manual the IRS uses to prepare its agents to sniff out horse "hobbyists." Word for word, it's the same manual the IRS agent will study before showing up at your farm.
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Overview

When your horse activities show substantial tax losses, the IRS may declare that you don't have a business at all but merely a hobby. When that happens, not only will current tax deductions be disallowed but you may be required to pay thousands of dollars in back taxes, penalties and interest. It could bankrupt you. But your horse business can withstand an IRS challenge if you follow the simple rules of the game. What you need to know is contained in the Official IRS Tax Guide to Auditing Horse Activities. This is the official training manual the IRS uses to prepare its agents to sniff out horse "hobbyists." Word for word, it's the same manual the IRS agent will study before showing up at your farm.

Product Details

  • ISBN-13: 9780929346700
  • Publisher: Meerdink, Russell Company, Ltd.
  • Publication date: 2/28/2002
  • Pages: 88
  • Product dimensions: 8.10 (w) x 10.70 (h) x 0.30 (d)

Table of Contents

Introduction v
Statement of Purpose v
Objectives vi
Chapter 1 Market Segment Definition and Overview 1
Purpose 1
Definition 1
Background 1
Current Status 2
Horse Activities 2
Cattle Operations 8
Books and Records 9
Future Outlook 11
Resources 11
Chapter 2 Issues 1
Purpose 1
Issues 1
Pre-Examination Analysis 1
Review of Tax Return 1
Reporting of Schedule C or Schedule F 2
History of Losses 2
Large, Unusual, or Questionable Items 3
Gross Receipts 4
Other Substantial Income Sources 4
Factor 1 The Manner in Which the Taxpayer Carries on the Activity 5
Factor 2 The Expertise of the Taxpayer or His or Her advisors 8
Factor 3 The Time and Effort Expended by the Taxpayer in Carrying on the Activity 10
Factor 4 The Expectations That the Assets Used in the Activity May Appreciate in Value 11
Factor 5 The Success of the Taxpayer in Carrying on Other Similar or Dissimilar Activities 13
Factor 6 The Taxpayer's History of Income or Losses With Respect to the Activity 14
Factor 7 The Amount of Occasional Profits, if Any, Which Are Earned 15
Factor 8 The Financial Status of the Taxpayer 17
Factor 9 The Elements of Personal Pleasure or Recreation 18
Compliance Issues 19
Underreporting of Income 20
Employment Taxes 20
IRP Document Compliance 20
Misplaced Income Sources 21
Chapter 3 Examination Techniques 1
Purpose 1
Information Document Request (IDR) 1
Issue Identification 2
Using Specialists and Other Resources 2
Initial Interview 3
Exam Location and Business Tour 4
Tour of Operation 4
Unique Indirect Methods 9
Books and Records 9
Sources of Information 9
Other 10
Chapter 4 Supporting Law 1
Purpose 1
Internal Revenue Code 1
Treasury Regulations 1
Activity Not Engaged in for Profit 2
Case Law 5
Coordinated Issue Paper 5
Appendix 1
Appendix A Calculating the Examination Adjustments Per IRC section 183 3
Appendix B Alternative Positions 5
Appendix C General Suspense and IRC section 183(e) Procedures 7
Appendix D Sample Initial Interview 9
Appendix E Tax Savings Benefit Analysis 19
Glossary 1

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