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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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Advisory

Workers Need to Double Check Payroll Withholding

Generally, employees can satisfy their annual tax obligations by having enough tax withheld from their paychecks during the course of the year. However, if you fail to pay enough tax, including both withholding and any quarterly installments, the IRS ...

Sales Tax

4 States Sue IRS and Treasury Over $10,000 Local Tax Deduction Limit

The provision in the new Tax Cuts and Jobs Act (TCJA) limiting itemized deductions for state and local taxes – known by the acronym of SALT – remains a sticky issue months after enactment of the law. Now four states along the eastern seaboard ...

US Supreme Court SCOTUS 2018

Supreme Court Says Railroad Stock Options Aren’t Taxable Compensation

In a new case harkening back to the days of F.D.R., the U.S. Supreme Court decided by a narrow 5-4 vote that stock options paid to employees who were “working on the railroad” do not constitute taxable compensation (Wisconsin Central Ltd, v. U.S. ...

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New Law Modifies Tax Credits for Building Renovations

The new tax law enacted late last year – the Tax Cuts and Jobs Act (TCJA) – includes a couple of key changes for real estate investors who are planning to renovate their properties. For one thing, the TCJA completely eliminates the rehabilitation ...

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Section 529 Plans Can Now Be Used for Private Elementary and High Schools

Now the TCJA is opening up Section 529 plans to pre-college schooling. Beginning in 2018, the definition of qualified expenses is broadened to include tuition for enrollment at an elementary or secondary public, private or religious school.

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The Tax Travails of Employees Crossing State Lines

Lawmakers have attempted to address the issue several times. However, the Mobile Workforce State Income Tax Simplification Act, which was reintroduced into legislation last year, has failed to gain enough traction in Congress.

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The Tax Blotter: March 20, 2018

IRAs have been around for more than half a century and an entire cottage industry has sprung up concerning the rules for contributions and distributions.

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Income Tax

Feb. 8 Government Shutdown Could Cripple IRS in Middle of Tax Season

The shutdown of the federal government on January 20 only lasted two days. But another deadline is looming: Uncle Sam will close up shop again on February 8 if Congress doesn’t take further action.

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Advisory

Trump to Tap Beverly Hills Lawyer to Lead the IRS

If nominated and approved, Rettig faces an uphill battle in turning around the IRS, which has suffered in recent years from a dwindling budget and several black eyes, including the “Tea Party scandal” that unfolded under Koskinen’s watch.

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Technology

Taxpayer Advocate Releases Annual Report to Congress, Unveils “The Purple Book”

In addition, as part of the report, the NTA has released “The Purple Book” presenting 50 legislative recommendations. Many of these proposals have been detailed in prior NTA, but others are presented in this inaugural publication for the first time.

Income Tax

2018 Tax Reform: Pass-Through Income Deduction More Complex Than Thought

The new law carves out a brand-new tax deduction for owners of pass-through entities, including partners in partnerships, shareholders in S corporations, members of limited liability companies (LLCs) and sole proprietors.

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Benefits

IRS to Start Accepting Tax Returns on Jan. 29, 2018

The IRS has announced that it will officially begin accepting returns for the 2017 tax year on January 29, 2018 (IR-2018-01, 1/4/18). This is a little later than usual to give the nation’s tax collection agency enough time to ensure security and ...