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Ken Berry, JD

CPA Practice Advisor Tax Correspondent

Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.

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IRS Opens Window to Opportunity Zones

To qualify for deferral, the amount of a capital gain to be deferred must be invested in a Qualified Opportunity Fund (QOF), which is an entity treated as a partnership or corporation under federal tax law and organized for the purpose of investing in ...

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IRS Delivers Mixed News on the Tax Gap

The estimates translate to about 83.6%, of taxes being paid voluntarily and on time. This is in line with recent levels. The new estimate is essentially unchanged from a revised Tax Year (TY) 2008-2010 estimate of 83.8%. After enforcement efforts are ...

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The Tax Blotter - Oct 1, 2019

The Tax Blotter is a roundup of interesting tax news.

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Tax Law Means Big Accounting Changes for Small Business Owners

When it comes to accounting for income and expenses, most small business owners want to K.I.S.S. (Keep It Simple, Stupid). Not surprisingly, many are embracing the reforms recently created by the Tax Cuts and Jobs Act (TCJA). Notably, the TCJA opens up...

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Insights Into Section 199A Operational Rules

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New Tax Rules for Business Meals: Food for Thought

The IRS recently provided clarification concerning food and beverage deductions. The IRS says that a 50% deduction is allowed for food and beverage expenses if the following conditions are met...

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IRS Cancels Postcard-Sized Income Tax Return

Proponents of tax simplification have bandied about the idea for a postcard-type 1040 for years. It came closer to fruition when the massive Tax Cuts and Jobs Act (TCJA) was enacted at the end of 2017. Supporters of the legislation, including ...

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Taxpayer Advocate Olson Delivers Her Final Report

The report says that poor taxpayer service remains the biggest challenge taxpayers face in dealing with the IRS. For example, during this tax filing season IRS telephone assistors answered just 25% of taxpayer calls enterprise-wide.

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Coping With the New Business Interest Deduction Limit

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TCJA Update Part 1: IRS Clarifies Tax Treatment for SALT Refunds

Starting in 2018, the Tax Cuts and Jobs Act (TCJA) put taxpayers on a strict tax diet for state and local taxes (SALT). Essentially, it limits the total deduction to $10,000 a year under a provision scheduled to last through 2025.

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Congress Makes Improvements at the IRS

Congress has just passed comprehensive new legislation designed to improve IRS efficiency and provide more taxpayer protections. President Trump is expected to sign the bill into law shortly.

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The Tax Blotter: June 4, 2019

With the summer coming up soon, your small business clients may arrange to have their teenaged kids work for the firm instead of lounging around the pool. This can provide ta advantages for bot the family and the business.