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Determining If Your Activities Are A Business Or A Hobby

Determining If Your Activities Are A Business Or A Hobby

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Table of Contents1 Business as a Hobby2 Earning a profit2.1 Time Spent2.2 Profit motive2.3 Knowledge Needed3 Determining If An Activity Is A Hobby Or A Business4 Hobby Classification5 Avoiding The Hobby Classification5.1 Have More Questions? Contact Us! Business as a Hobby If your business claims a net income loss for too many years or fails […]

Forms Filed With the Streamlined Offshore Voluntary Disclosure Program

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For many individuals, the Streamlined Offshore Voluntary Disclosure Program provided welcome relief in comparison to the “initial” Offshore Voluntary Disclosure Program.  Many taxpayers with foreign accounts and assets contact wonder what forms and documents must be filed to apply for the Streamlined Offshore Voluntary Disclosure Program.  In general, taxpayer’s must file the necessary FBARs, amend […]

Amending an Offer in Compromise

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When an offer in compromise is submitted to the IRS, the IRS may agree that the taxpayer is an offer candidate, but not agree with the original offer in compromise amount.  Thus, can the initial offer in compromise be amended?  Yes, the offer can be amended to reflect a different amount and terms. This issue […]

Non-Willful Conduct Under Streamlined Offshore Voluntary Disclosure Program

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Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP).  If the failure to report foreign bank accounts and/or foreign financial assets was non-willful, you may be subject to a lower penalty base.  The key question is, what constitutes non-willful actions by a taxpayer?  Generally, the IRS would consider non-willful to mean […]