Michael Goode recently spoke on “Hobby Losses and Horses.” His presentation discussed horse operations and how the IRS often tries to recategorize these as hobbies and not businesses which results in the denial of the deduction of losses from such horse operations. Michael walked through the various items the IRS considers, such as whether there is a business plan, what is being done to mitigate losses (including changing the business plan), whether this is the taxpayer’s only business, the taxpayer’s experience, etc. Michael is a shareholder in the firm’s Nashville office where he focuses his practice on the tax, business, and estate planning needs of families and businesses. On an international level, he also assists companies and individuals with their corporate and estate planning needs, including the resolution of reporting requirements. Michael serves as a trusted advisor to governmental agencies and companies on various taxation issues and he has prepared corporate and tax provisions for large merger and acquisition transactions.
