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Lesson From The Tax Court: Freedom, Taxes, And Hobby Losses

(TaxProf Blog) - Three recent cases on Hobby Loss rules teach us about the responsibility of paying taxes to support our freedoms: you cannot lower your taxes by deducting the costs of your personal hobby. The basic lesson is the importance of record-keeping.



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Rising Cost of Living is Driving One in Four Employees Globally to Find New Jobs 
(CPA Practice Advisor) - 26% of the global workforce is looking to change jobs in the next year, up from 19% in 2022, according to a PwC survey.


Heinz Finally Settles the Debate: Does Ketchup Belong in the Fridge or Pantry? 
(Yahoo Life!) - Ketchup is found in almost 97 percent of American households. This averages to about 125 million households in the U.S. That's a lot of ketchup to keep fresh for the next BBQ! But it seems those households are at arms about how to store it.


Accounting for Operating Leases 
(The CPA Journal) - This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for operating leases. Under prior standards, operating lease payments were simply expensed as incurred.


July's Full Buck Moon is the 1st of 4 Supermoons this Summer 
(Space.com) - The full moon on Monday, July 3, will mark a series of four supermoons in a row. Supermoons are the result of the moon being closer to Earth at the time of a full moon.


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