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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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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 ...

Tax Court Rules Against Rental Owners of Former Larry Bird House

If you rent out a residence such as a summer vacation home when you’re not using it, you may be entitled to deduct expenses against the rental income. In fact, you can even claim an annual loss if you don’t exceed certain limits. But the number of ...

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7 Obamacare Tax Provisions on Chopping Block

After a series of setbacks, the Republican-led House finally passed proposed legislation that would replace the Affordable Care Act (ACA), the health care law known as Obamacare. It’s a first step but there’s still a long journey to enactment.

business meal

Tax Court Denies Stockbroker's Questionable Meal and Cell Phone Expenses

Your clients might need to be reminded about the stringent rules about travel and expense deductions. Check in with small business clients to ensure that they are sticking to the letter of the law.

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Sales Tax

Amazon to Collect Sales Taxes Nationwide Starting April 1st

The final nail in the coffin was a long time coming. Initially, Amazon contested governmental regulations requiring it to collect states sales taxes, arguing that it should not be have to meet this responsibility in states where it didn’t have a ...

business meal

Tax Court Cracks Down on Business Meal Expenses

The IRS is notoriously stingy when it comes to deducting business meal expenses. Usually, if you can’t meet the substantiation rules under the strict letter of the tax law, it will disallow the deduction. Of course, you can take your chances in Tax ...

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Payroll

Judge Overturns New Overtime Pay Law - What Comes Next?

Under the final overtime rule, certain salary thresholds would have increased, resulting in millions of more Americans becoming eligible for overtime pay. For now, the status quo applies. The DOL is expected to appeal the decision, but President-elect ...

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Benefits

Education Fringe Benefits Get an A+

If some of your employees are looking to go back to school, or to enroll in college courses for the first time, you might decide to lend a helping hand. An employer can set up a program that effectively pays for all or most of the costs on a ...

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Benefits

Dependent Care Assistance Plans: A Fringe Benefit With Tax Benefits

To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...

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Accounting

Sales Tax Record Keeping Requirements for Retailers

Clients who don’t adhere to state record keeping requirements run the risk of being penalized by auditors. The exact rules and penalties vary from state to state, but it is definitely in your clients’ best interests to stick to the letter of the law.

Sales Tax

How to Maintain Internal Controls for Sales and Use Taxes

Many of your small business clients, especially those in retail operations, have struggled with responsibilities for collecting and remitting sales and use taxes to the appropriate jurisdictions. This includes issues relating to sales transactions and ...