Proven Strategies” is a new regular series in the TDN, presented by Keeneland. It is written by Len Green of The Green Group and DJ Stables, who won the 2018 GI Breeders’ Cup Juvenile Fillies with Jaywalk (Cross Traffic).
by Leonard C. Green, CPA, MBA, and Frank R. Palino, EA, CDFA, ATA
An IRS examination notice not only creates extreme anxiety, but also may trigger possible tax assessments, interest and even penalties. Let’s face it, the horse industry, whether you are a horse/farm owner, trainer, veterinarian or buy and sell horses, can be a very difficult business in which to make money. When you deduct horse-related losses against your other income, you become the potential target for the IRS to examine your tax returns.