Federal Tax Update: Hobby Loss Deduction Problem

https://vimeo.com/620804972

https://www.currentfederaltaxdevelopments.com/podcasts/2021/10/3/2021-10-04-hobby-loss-deduction-problem

 

This week we look at:

• Congress is still working on the infrastructure and reconciliation bills
• We get the Tax Court on record for the proper treatment of hobby loss deductions-that is, where they are reported
• IRS to begin charging a fee on October 28 to issue closing letters to estates