Glossary of Common Tax Resolution Terms
Tax Resolution Terminology for Individual and Business Taxpayers These are the foundational terms that most often come up when North Carolina taxpayers begin working through a tax issue with the IRS. Receiving a letter from the IRS can be stressful enough without having to decode unfamiliar language. For taxpayers across North Carolina, from Greensboro and…
Hobby Farm or Actual Business?
April 9, 2020 | Guest Blogger Robert M. Swaim Several years ago I had a client who entered into the business of breeding horses for the purpose of sale at a profit. The IRS audited his return and declared his horse farm to be a “hobby” rather than a business and disallowed his farm loss…