Caven & Associates, Inc.

Serving Small to Medium Size Businesses and Individuals since 1977

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TAX NEWS

Ponzi Scheme Safe Harbor not for Pump-and-Dump Scheme

Following the widespread losses of investments with Bernard Madoff, the IRS issued a safe harbor (Rev. Proc. 2009-20) to enable investors to take losses even though some recovery was possible. One couple tried to use this safe harbor for their investment losses sustained through a pump-and-dump scheme. However, the Court of Federal Claims concluded that [... […]
No Double Dipping for Vehicle Expenses

If you use your vehicle for business driving, you have a choice in how to handle your expenses. You can deduct your actual costs, including an allowance for depreciation (up to certain dollar limits) if you own the vehicle or your lease payments if you lease it. Or you can rely on an IRS-set mileage [... […]
Hobby Loss Rule Doesn’t Apply to C Corporations

If you conduct an activity without a profit motive you can prove, then the hobby loss rule applies. Under the Tax Cuts and Jobs Act, you have to report all of your income (nothing has been changed here), but can’t deduct any of your expenses. This is because of the suspension of the miscellaneous itemized [... […]
Social Security Changes for 2019

More than 62 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 2.8% starting with the December 2018 benefits, which are payable in January 2019. This COLA adjustment is higher than the 2% increase last year (Social Security Administration Press Release and Fact Sheet, 10/11/18; https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf). However, for many Social Security recipients, the [... […]

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RT @PeteBlackburn: JONATHAN QUICK IS HERE AND HE IS MAD https://t.co/EoMSfIA6sF

h J R

@cavenassociates

- 2.1663835933536 year ago

RT @IRSnews: RT @IRS_Patricia: Did you file an extension this year? Check this tax tip if you have yet to file. Oct. 17 deadline https://t.…

h J R

@cavenassociates

- 2.1668356164384 year ago

RT @IRSnews: #IRS: Check your #tax withholding as 2016 winds down. Consider adjusting. New factors may delay refunds in ‘17 https://t.co/g4…

h J R

@cavenassociates

- 2.1668363457636 year ago

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