IRS Audit Technique Guide: Hobby Loss Examination Guide Updated (IRC §183)

Guidance to examiners on how to conduct a quality examination of an “activity not engaged for profit” issue under tax code Section 183, an IRS Audit Technique Guide released September 17. The guide also provides information to taxpayers, tax return preparers, tax representatives, tax accountants, and tax attorneys, the IRS noted. The guide outlines preliminary examination procedures, covers the statutory rules of Section 183, and covers regulatory hobby loss factors. [IRS Audit Technique Guide: Activities Not Engaged in for Profit - Internal Revenue Code Section 183 (updated Sept. 9, 2021)]

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