Over 50 people attended the latest Tax Planning Seminar held by the Thoroughbred Owners of California at Santa Anita on Saturday morning, February 4th. The very popular seminar featured a panel of renowned tax experts including Jen Shah, CPA; attorney, Richard Craigo; and the moderator, Bob Ike. They discussed tax treatment for horse acquisitions and sales, tax deductions for business related expenses, the IRS “hobby loss” provision, depreciation, sales and use taxes, forms of doing business (sole proprietorship, partnership, syndicate, corporation or LLC), capital gains and more.
Shah is director of tax services for Dean Dorton Allen Ford PLLC, advising business and individual clients. She also leads the firm’s equine practice, working extensively with participants in the horse industry. A graduate of the University of Kentucky, she has spoken at many equine conferences and symposiums.
Craigo is a certified taxation specialist and practitioner in equine law. He has represented more than 200 owners, breeders, trainers, veterinarians and bloodstock agents worldwide in business matters, administrative law practice, and income and sales tax matters including IRS “hobby loss” and “passive loss” disputes. He earned a J.D. degree from the University of Southern California and has lectured before numerous horse owner and breeder groups on taxation, syndication and equine law.
Bob Ike, who is a partner and vice president of Horsebills.com, a state-of-the-art invoicing, payment and accounting platform for equine industries. He has been involved professionally in thoroughbred racing since 1985 as a former newspaper handicapper, website proprietor and regular co-host and contributor to the “Thoroughbred Los Angeles” weekend radio show on KLAA.
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