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March 15, 2021 | Tom Ballard

PYA issues “Insights” on determining whether an activity is a business or a hobby

PYA, the power behind, recently issued one of its periodic “Insights” outlining the nine factors that the Internal Revenue Service and the United States Tax Court (Tax Court) use to evaluate whether an activity is a business or a hobby. The Co-Authors write that “the IRS and Tax Court will not expect all nine factors to be met in every situation, and no one factor carries more weight than the other. Unfortunately, it is not enough to simply want to make a profit in your business; you must also have the ability and skills necessary to make the business successful, and you should have a structured business plan.”

Click here to read the “Insight.”

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