When the IRS Calls Your Ranch or Farm a Hobby: Lessons from Schumacher v. Commissioner
TC Memo. 2026-47 | June 9, 2026 A couple of veterinarians just learned a painful lesson: passion for horses, combined with years of losses and sloppy records, is a recipe for IRS disaster. In Schumacher v. Commissioner, the Tax Court upheld over $191,000 in tax deficiencies — disallowing all losses from Schumacher Quarter Horses (SQH) […]
If you’ve ever worried about losing your retirement nest egg to a scammer—or if it has already happened to you or someone you love—a little-known IRS legal memo could help you recover some of your lost savings in the form of tax relief. The IRS Office of Chief Counsel recently issued guidance on a question […]
IRS provides relief to Hurricane Beryl victims – deadlines postponed to Feb. 3, 2025
On July 22, 2024 the Internal Revenue Service announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. This applies to any area […]
IRS Grants Relief for Victims of Texas Storms in 2024
On May 28, 2024 the IRS announced tax relief for individuals and businesses in Texas that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 26, 2024. These taxpayers now have until Nov.1, 2024, to file various federal individual and businesstax returns and make tax payments. Following the disaster declaration […]