The IRS’s Small Business/Self-Employed Division is commencing a one-year pilot program on April 1, 2017, examining Schedule F of Form 1040 for the 2015 tax year. The purpose: to verify claimed expenses (i.e., determine whether losses should be disallowed under the hobby loss rule, and whether other deductions were erroneously claimed, or claimed on the wrong form).
Barbara Weltman
Big Ideas for Small Business, Inc.
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ICYMI: What's in the "One Big, Beautiful Bill" for Small Business? Barbara Weltman @BigIdeas4SB digs into the House-passed bill and reviews key tax-related provisions. The Senate is now acting on the bill, which will likely include some changes. More: