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https://accountingsolutionsltd.com/accounting-articles/irs_audit_business_loss/IRS Audit Business Loss An IRS audit on a business’losses If you are being audited on a business that produces consistent loses, you mightbe asking “Why would the IRS do such a silly thing?” The question, from a taxation standpoint, is whether your enterpriseis a business or a hobby. If your enterprise is a hobby, then your lossesmay not deductible. The standard rule is that if a business shows losses in three of five consecutiveyears, then it can be considered a hobby. But there are mitigating factorsthat can determine that your activity is “for profit,” rather thana hobby:  Are the losses due to circumstances beyond the taxpayer’s control?Is a future profit expected to be made from the appreciation of assets?Has profit been made in similar activities in the past? If your activity is determined to be a hobby, then your losses are subjectto the 2% miscellaneous deduction floor of Schedule A of Form 1040, the personalincome tax return. Another reason your unprofitable company might be audited would take intoaccount your S-Status. If you have an S-Corp and you are showing losses, thenthose losses will flow through to your personal return. If you have a basisfor the deductibility of the loss, then the losses can be deducted againstregular income and you will pay less income tax. If you are paying less income tax because of a business loss, they might audityou to make sure that the losses are reasonable. Of course if the return was done wrong, with several areas being red-flaggedby the IRS diagnostic system, you will probably be audited regardless of anyincome or loss. If you are having problems with your IRS Audit Business Loss or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at [email protected] Additional Accounting Articles and information on my firm can be found at www.AccountingSolutionsLtd.com

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