Equine Tax Group Services

Are you in need of equine tax services? The Equine Tax Group will help you with all IRS and tax related issues.

IRS Audits:

Did you receive a letter from the IRS that you are under an IRS audit? We can represent you and you likely will never have to walk inside the IRS office. We can also handle audits that other accountants have started but have not been successful at resolving in your favor.

IRS Appeals:

Did your audit go poorly? You need to call us at once so we can file an appeal for you! We can often reduce your tax burden significantly by taking to case to the Appeals Division.

Hobby Loss Issue

The IRS likes to argue that the horse business is actually a hobby because many people lose money year after year. The rules say you have to have a profit in two out of seven years to be called a business. But what if you don’t? We have won many cases where there were not 2 profitable years.. Let us “audit risk assess” your return and handle any issues in this regard.

IRS Collection Activities:

If you have an IRS wage garnishment, a levy on your bank account or need to establish a payment plan call us! We can also handle offers in compromise.

Failure to File Tax Returns:

If you haven’t filed a tax return for one year or more, we can help. If you have lost your records, we are able to obtain and reconstruct them.

Passive Activity Loss

The passive activity rules are another way IRS may seek to limit your taking of your equine expenses. We are experts in this issue and have won many cases of this type. Our clients are encouraged to keep very good logs which we have designed that prove they met the requirement they spend 500 meaningful hours in the horse business.

State Tax Issues

We as owners and trainers have to go where the money is. Hopefully this means we get 1099’s at the end of the year from various tracks in many states and perhaps Canada. This can mean filing 4-5-6 or 7 different state returns. Let us help you with these complex issues.