The Equine Tax Group Careers in Newtown, PA

IRS Audits Did you receive a letter from the IRS that you are under an IRS audit? Most IRS Agents have little knowledge of the horse business. This is both a good and bad thing. The good is that we have to teach them that a trainer works at a stable and not the local gym and that your vet expense is not for your dog or cat. This might sound humerous however these are true expenses we have had agents try to disallow. Hobby Loss Issue The IRS likes to argue that the horse business is actually a hobby because many people lose money year after year. The rules say you have to have a profit in two out of seven years to be called a business. But what if you don't? We have won many cases where there were not 2 profitable years.. Let us "audit risk assess" your return and handle any issues in this regard. Passive Activity Loss The passive activity rules are another way IRS may seek to limit your taking of your equine expenses. We are experts in this issue and have won many cases of this type. O