Don’t be the victim of an IRS Audit because of Horse Racing!
Did you receive a letter from the IRS stating that you are under an IRS audit? Was this IRS audit related to the horse racing industry?
IRS audits, even when the agent follows all the rules, can often be misleading and inaccurate. Most IRS Agents have little knowledge of the horse business.
This is both a good and bad thing.
The good is that we have to teach them that a trainer works at a stable and not the local gym and that your vet expense is not for your dog or cat. This might sound humorous however these are true expenses we have had agents try to disallow.
As veterans of the IRS Examination (Audit) Division we know exactly what an agent will
be looking for when he or she comes to call on you. It is critical that you be properly represented during an IRS examination. Find a reputable accountant, who has your interest in mind, not just their own. Look here to avoid shady accountants.
Beware of accountants who tell you that you should handle your audit yourself or who call you the day before the audit and tell you they cannot make it. This does happen.
What should you do in such a case? The law says you are entitled to representation during an audit of your horse racing or show horse business. You should call us immediately and
we will instruct you as to what you should do.
One thing is certain, we will never tell a client to represent themselves in any IRS matter,especially IRS audits.
This is why you need expert assistance when dealing with the IRS. A firm that specializes in equestrian taxes will give you the best result when filing your taxes. We take pride in being experts when it comes to taxes for equestrian businesses.