For this week of April 25, 2016 in Current Federal Tax Developments we look at:

The Seventh Circuit tells us the hobby loss regulations are “goofy”
Tax professional’s computer systems found to be targeted for takeovers
Do tax credit carryover survive the death of the spouse that generated the credit?
The IRS denies a request to approve a deduction for program to encourage employee contributions to political action committee
IRS backtracks on “bad boy” provisions in nonrecourse loans
Clarifying examples added to program-related investment rules for private foundations
Ignorance did not lead to tax related marital bliss

Current Federal Tax Developments is brought to you by the state societies of CPAs and Nichols Patrick Incorporated

The articles for this week can be downloaded from the link below.