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Author Question: Tess has started a new part-time business. She is concerned that the IRS will call it a hobby if her ... (Read 55 times)

jake

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Question 1

Brent must substantiate his travel and entertainment expenses. Which of the following is not required for documentation?
◦ company expense report
◦ business relationship to the taxpayer of individuals entertained
◦ purpose of the expenditure
◦ time and place of the travel or entertainment

Question 2

Tess has started a new part-time business.  She is concerned that the IRS will call it a hobby if her return is audited. This first year of business showed a small profit, and she expects it to continue to show modest profits. She would like to take advantage of the three out of five year profit rule to shift the burden of proof to the IRS.  Because of the three-year statute of limitations, this will not be possible for the first year of business.
◦ true
◦ false


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Marked as best answer by jake on Sep 13, 2020

djpooyouma

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jake

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Reply 2 on: Sep 13, 2020
Gracias!


anyusername12131

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Reply 3 on: Yesterday
Wow, this really help

 

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