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Equine Tax Update - Coming Down the Track

Taxonomy: 
Equine
Body: 

There are two items which will greatly benefit you and the industry.

  1. The Veterinarian Medicine Mobility Act

This will allow veterinarians to transport, administer and dispense controlled substances and medications while outside of their registered offices and hospitals.

This will ensure our equine veterinarians the ability to provide their professional services to farms, training facilities and race tracks.

Hobby Losses & Passive Activity in the Horse Industry

Taxonomy: 
Equine
Body: 

Do you know what the IRS is looking for?

Is there a secondary issue that the IRS raises (passive)?

When it comes to auditing hobby losses, especially in the horse industry, many people are not aware of what the IRS is looking for. This article serves the purpose of giving you some insight as to what the IRS wants as proof and how they go about preparing for their audit.

IRS examiners consider the following in their pre-audit analysis: