Does it seem lately like every single client has some sort of side hustle requiring the filing of an IRS Schedule C Form, Profit or Loss From Business? You’re not alone. More and more, we’re seeing taxpayers engaged in a wide variety of gig activities. That leaves many wondering if their side hustle should be classified as a hobby or a business, especially when they are filling out an IRS Schedule C form.
This course examines the many gray areas that must be considered to correctly determine if an activity is a business or a hobby. Key to this determination is the 9-factor test the IRS and Tax Courts use when considering this situation in an audit or court case. We’ll use case studies to show how that 9-factor test can help us make the call.
Join this Canopy course now to better understand schedule C, the IRS 9-factor test and gain confidence in making the business vs hobby distinction.
To learn more about how you can help better your firm, reduce the stresses and pain points associated with being in the accounting profession, visit our entire CPE course library at https://www.getcanopy.com/course-library