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Frequently Asked Questions for the Barrel Horse News iPad App PDF Print E-mail
Written by Administrator   

What does the Barrel Horse News app cost?
The app is a FREE download on the App Store in iTunes. Search for “Barrel Horse News” in the iPad section of the store and tap the install button.

Credibility a Key Factor in Taxpayer’s Testimony PDF Print E-mail
Written by John Alan Cohan, Attorney at Law   

In Timothy Kuberski v. Commissioner of the IRS [T.C. Memo 2002-200] the Tax Court ruled that a Phoenix, Ariz., physician’s horse breeding and racing activity was not engaged in for profit even though the taxpayer developed a business plan and kept business records. The case appeared to hinge in part upon the judge’s evaluation of the taxpayer’s own testimony, which he found unpersuasive. The judge said that the taxpayer, while he apparently had business plans, did not use these plans to improve the profitability of his activity. The taxpayer testified that he made economic forecasts and otherwise conducted the activity in a businesslike manner, but the operation’s 28-year loss history allowed the taxpayer to offset substantial income from his medical practice. Also, the taxpayer did not show that he had relied upon experts in conducting the activity.

When Disaster Strikes, Plan to be Prepared PDF Print E-mail
Written by Barbara Sheridan, courtesy Equine Guelph   

Ice storms, blizzards, floods, or tornadoes - it seems that over the past few years, we’ve seen them all. Disasters often strike without warning as demonstrated recently by the notable December ice storm that wreaked havoc on hundreds of thousands residents in Ontario, the Maritimes, and the northeastern U.S. with downed tree limbs and power lines. Many were without power for days, while for others it was weeks, which meant no heat, hydro or water.

IRS Chief Counsel Memo Highlights Form 1099 PDF Print E-mail
Written by John Alan Cohan, Attorney at Law   

The IRS Office of Chief Counsel recently issued a memorandum concerning the use of IRS Form 1099 (also known as “information returns”).  This form is important to taxpayers especially if you are audited in connection with horse activities, ranching or farming.

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