Dublin, March 20, 2025 (GLOBE NEWSWIRE) -- The "IRC Section 183 Hobby Loss Rules" webinar has been added to ResearchAndMarkets.com's offering.
Learn how the IRS distinguishes hobbies from businesses, key criteria, tax implications, and strategies to prove a profit motive.
By attending this presentation on Hobby Loss Rules, participants will gain a clear understanding of how the IRS distinguishes between a profit motivated business activity and an activity that is for personal enjoyment and tax benefits. You will learn the tax implications of that classification and the potential financial consequences of misreporting.
The session will cover key IRS criteria, real-world court cases, and practical strategies for proving a profit motive to ensure compliance and avoid costly audits or penalties. Whether you're a small business owner, freelancer, or someone earning income from a passion project, this presentation will provide essential insights to help you maximize deductions legally and safeguard your financial interests.
Learning Objectives
- You will be able to identify when your clients activity might be at risk of being considered a hobby.
- You will be able to explain to your client the importance of demonstrating business with the intent to avoid the hobby limitations.
- You will be able to recognize the key attributes that can make a business activity legitimate
- You will be able to discuss the risks of poor documentation and recordkeeping with your client.
Key Topics Covered:
Introduction to Hobby Loss Rules
- Overview of Hobby vs. Business
- Purpose of Hobby Loss Rules
Key Criteria for Determining Hobby vs. Business
- IRS - Key Questions Consider
- Relevant Court Cases
Tax Implications of Hobby Income and Expenses
- Income Reporting Requirements
- Deduction Limitations for Hobby Expenses
- Relevant Court Cases
Strategies to Prove Profit Motive
- Best Practices for Establishing Business Intent
- Case Studies and Court Cases
Risks of Non-Compliance
- IRS Audits
- Penalties for Misclassification
- Relevant Court Cases
Q&A Session
Conclusion and Takeaways
- Summary of Key Points
- Resources for Further Learning
For more information about this webinar visit https://www.researchandmarkets.com/r/xg60pf
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