Keith A. Wood

Federal Income Tax Update, Part I

I. Audit Statistics; What Are Your Chances of Being Audited? The 2016 Internal Revenue Service Data Book (IR-2017-69) contains audit statistics for the fiscal…

Federal Income Tax Update: Part 2

I. Hobby Losses: Horse Breeder Had For-Profit Activity. The 7th Circuit Court of Appeals reversed the Tax Court and held Mr. Roberts engaged in his horse…

Federal Income Tax Update

This is the first of two installments of this article.  The second installment will appear soon on the Tax Section’s blog. I. Audit Statistics; What Are…