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Profit Motive Key in Hobby Loss Cases (JofA) - In Williams, T.C. Memo. 2018-48, after applying the nine-factor test the Tax Court held that a taxpayer had failed to prove that his consistently unprofitable ranching activity was engaged in for a profit. ADVERTISEMENT Share our news via Twitter and Facebook, on your personalized news page. MORE HEADLINES Bittersweet Journey: Succession Planning and What You Need to Know (California CPA) - This article discusses handling the sudden death of a partner. Serena Williams Fines: At Least They Are Tax-Deductible (Forbes) - Athletes are operating a business, and a pretty big one at that. They usually have their own companies. But even if they do not, they can report taxes as the proprietor of a business on Schedule C. Top 5 Virtual Communication Apps for Remote Accountants (Going Concern) - If you like to work remotely, youâll need to use virtual communication apps to stay in touch with workers and clients, keep everyone on the same page, and ensure key benchmarks are being met on time. America is Now the World's Largest Oil Producer (CNN) - For the first time since 1973, the United States is the world's largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. Money) - Taxation Accounting/Audit |  TOP 5 MOST READ TOOLS OF THE TRADE e-BREAKS  The Funny Accountants   |