By John Wollenberg, JD, CPA, and Leonard C. Green, CPA, MBA Editor's Note: Chris McGrath's popular TDN series “Succession” about horse racing-industry businesses passed from one generation to the next sparked this column by Len Green and John Wollenberg. The odds are frightening that only 50% of family businesses that are successful are passed to [...]

A donation of a horse to a tax-exempt organization can be mutually beneficial. The donor could potentially obtain an income tax deduction, and the organization receives a worthwhile asset. The horse itself also appreciates greener pastures. This article summarizes the guidelines for horse owners contemplating such a charitable contribution. Recipient Be sure that the donee [...]

Additional reporting from Jack Canaley Some will label the recent IRS Case Skolnick v. Commissioner as a win for the government since the court disallowed the deductibility of the losses and classified the operation as a hobby. However, we examined the case in great detail and learned some very valuable lessons that will benefit people [...]

Editor's note: Back by popular demand: our column where readers ask The Green Group's Len Green for advice on saving taxes on their equine-related activities. What changes in the tax law can I take advantage of this year to maximize my tax savings? –Kerry L., Lexington, KY 2021 has been another exciting year when it [...]

By Len Green, CPA and John Wollenberg, CPA In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2021 taxes, we are here to tell [...]

In horse racing, the contest is not over until the horse crosses the finish line. The same is true with maximizing your tax deductions and minimizing your taxes. For those who think it is too late to save on your 2020 taxes, we are here to tell you, it is not! With over 40 years' [...]

COVID-19 has changed the way we go about our daily lives. It has also increased the number of individuals who are self-employed and have no other employees, also known as independent contractors. The formal definition of an independent contractor is a person or entity contracted to perform work for, or provide services to another entity [...]

In our last article we discussed the Payroll Protection Program (PPP), which the government initiated to cover business-related expenses such as payroll, rent and utilities. But the Government also issued a second (and lesser known) relief program, named the Economic Injury Disaster Loans (EIDL). The good news is that the EIDL can be used for [...]

Ever since I have been writing this column for the TDN, I receive calls and emails asking a variety of questions about the Thoroughbred business. The ones that relate to very specific facts and circumstances, I answer directly. When the questions are applicable to a broader audience or have been asked multiple times, I feel [...]

Last week, I was listening to the TDN Podcast. The Green Group Guest of the Week was the very successful trainer and four-time Eclipse winner Chad Brown. One of the panelists asked Chad if he was affected by economically by COVID-19, even though he had relationships with so many significant owners who might be able [...]

Editor's note: The Thoroughbred racing industry is covered under legislation passed in Washington to bolster an economy that has been hard hit by the coronavirus. To clarify what is available to racing participants, the NTRA held a teleconference Wednesday which included tax experts who serve the racing industry. To break down what is available and [...]

Congress recently implemented changes to the IRS Tax Code, The CARES Act, to provide relief from the COVID-19 outbreak. We reviewed the updates and are pleased to report that (for the most part) the changes will benefit those in the Thoroughbred industry. Below please find a summary of the most relevant items and how they [...]