2023-06-05 Hobby Losses Expenses Effectively Nondeductible - a podcast by The Ohio Society of CPAs

This week we look at:

• Fourth Circuit does not agree with view expressed by Seventh Circuit in Menard, Inc. that C corporation reasonable compensation only depends on a reasonable return to investors
• Eleventh Circuit holds that “hobby loss” expenses under §183 are miscellaneous itemized deductions
• Elderly attorney had reasonable cause for failure to file payroll tax returns and timely pay payroll tax liabilities

Further episodes of Federal Tax Update Podcast

Further podcasts by The Ohio Society of CPAs

Website of The Ohio Society of CPAs