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Home > Federal Tax Update Podcast > 2023-06-05 Hobby Losses Expenses Effectively Nondeductible
Podcast: Federal Tax Update Podcast
Episode:

2023-06-05 Hobby Losses Expenses Effectively Nondeductible
Category: Business
Duration: 01:07:11
Publish Date: 2023-06-05 00:45:00
Description:

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
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