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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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Taxpayer Fails to Meet Requirements for Refund Claim

A taxpayer in a new appellate court case failed to meet the timing requirements enabling him to claim a tax refund or qualify for a “financial disability” exception under the tax law (Chan, CA-10 No. 16-4197, 5/30/17).

Technology

New Tax Scam Plugs Into Electronic Fears

Now scammers are trying to scare taxpayers by thinking their payments to them will be linked to the Electronic Federal Tax Payment System (EFTPS).

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IRS Tries to Crack Down on Legal Marijuana Businesses in Pot-Friendly States

Benefits

New Federal Budget Would Cut Retirement Benefits of Federal Workers

The full budget for the upcoming fiscal year – which kicks off on October 1, 2017 – was released on May 23. It includes $3.6 trillion in cost reductions over the next decade. Significantly, the proposals include seeping changes in the federal ...

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Small Business

New Bill in Congress Would Fund Border Wall, But It Has Cracks

Who’s going to pay for the infamous border wall? Maybe not Mexico directly, but Mexicans residing in the U.S. may help foot the bill, if certain members of Congress get their way.

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Accounting

Financial Choice Act Offers Key Banking Reforms

New proposed legislation, introduced by Representative Jeb Hensarling (R-TX), is making headlines because it effectively rolls back the regulatory reforms included in the landmark 2010 Dodd-Frank Act. The “Financial Choice Act,” which passed in the ...

IRS Requires Electronic Payment for Private Letter Rulings

At the beginning of the year, the IRS increased the fees that taxpayer must pay to obtain a private letter ruling. Now it says that you must pay Uncle Sam electronically. Your check won’t be good anymore once a short transition period ends.

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The Tax Blotter - June 2017

Who says taxes aren’t fun? This column is devoted to interesting tidbits, legislative developments and amusing news in the world of taxation. At the very least, it will keep you informed and, at best, it might illicit a chuckle of bring smile to your lips

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Is Massachusetts New “Cookie” Tax Directive Half-Baked?

The state of Massachusetts wants to impose new tax obligations on cookies. No, not the kind that you bake in the oven. These cookies are stored on your personal computer.

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Benefits

Ten Income Tax Benefits for Farmers

Farming has often been viewed as the backbone of the American economy. While technology and other recent developments may have changed this thinking, farmers still enjoy a preferred status, at least as federal income taxes are concerned. For instance, ...

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Accounting

When Does "Placed in Service" Start for Depreciation Purposes?

Generally, a business is entitled to claim depreciation deductions for property, including real estate, beginning in the year the property is “placed in service.” Similar rules apply to Section 179 deductions and “bonus depreciation” deductions, as ...

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Accounting

6 Keys to Asset Depreciation

The term “depreciation” may have negative connotations, but it usually elicits positive vibes from tax practitioners. Thanks to the depreciation deduction rules, your clients who are business owners can recoup most -- if not all -- of the cost of ...