The radio program, "Tax Minute, " can be heard every weekday at 6:25AM and 5:25PM on WCRN 830 AM. Subscribe to receive the tax minute in your email inbox each morning. Hershman, Fallstrom and Crowley is a "one of a kind" tax firm, a trendsetter in the tax controversy practice, maintaining high professional standards and an excellent reputation with the Internal Revenue Service and Massachusetts Department of Revenue.
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Patrick J. Crowley is a principal of Hershman, Fallstrom & Crowley, Inc., a Certified Public Accountant licensed in Massachusetts and recognized throughout New England for his special expertise in the tax controversy process. After receiving his commission, Mr. Crowley served a tour of duty as an Officer in the United States Army at Fort Lewis, Washington.
Hershman, Fallstrom & Crowley, Inc. was founded in 1991 to address a special need in Central Massachusetts in the practice of tax law. While many local law firms and accounting firms have tax departments or broadly specialize in tax planning, clients call upon Hershman, Fallstrom & Crowley for our special knowledge of the tax controversy process and our superior relationships with the Internal Revenue Service and Massachusetts Department of Revenue.
In order to deduct a loss from a business it must be from an activity engaged in for profit, not from a hobby. Sounds simple, but how do you make the distinction? Most new businesses lose money their first year, so does that make it a hobby? The answer is - it depends. The IRS says that an activity is not a hobby if it turns a profit in any three of five consecutive tax years.
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