Wyeth's Accountant May Have Considered Union Rags to be a "Hobby" Horse

Phyllis Wyeth’s accountant advised her to sell Union Rags when her breeding operation had stalled. Lucky for her, she was able to buy him back and reap the rewards later. So why would she be advised to sell the future Belmont Stakes winner? She may have crossed the fine line between a business and a hobby.

Experts at the Pennsylvania Institute of Certified Public Accountants (PICPA) can offer tips on how to take your hobby and turn it into a successful business. Do you really need letterhead? A business association membership? What if you show a loss each year?

Phyllis Wyeth’s once casual hobby has turned into a worldwide attention-grabbing opportunity for her. Let a local CPA help your audience find success with tips on how to take a passion to the next level. To set up an interview, contact Kathleen Miller at 215-972-6188 or kmiller@picpa.org or Jacqueline Barnard at 267-675-6255 or jbarnard@picpa.org.