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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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Income Tax

Which 2014 Tax Extenders will Congress Renew or Make Permanent?

There’s been much ado about the 55 tax extenders currently being debated by a lame-duck Congress. These tax law provisions, which are generally favorable to taxpayers, technically expired after 2013, but may be revived retroactive to ...

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Income Tax

Will Like-Kind Exchanges Survive Tax Reform?

Legislative proposals to curtail or eliminate the tax benefits of like-kind exchanges are in the works. With a lame-duck Congress finishing out this year and a brand-new class of lawmakers entering 2015, no one can be sure if this tax break will ...

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Tax Planning

Last Chance for Retroactive Portability of Estate Tax Exemption

The portability provision can literally save a family millions of federal estate tax dollars if a timely election is made. For some clients who missed the boat, there’s still a little time left to sail off happily into the sunset, thanks to a special IRS

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Benefits

IRS Grants Taxpayers More Leeway on IRA Rollovers

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Sales Tax

Even the Self-Employed Can Face Sales Tax Issues

Do you have clients that began a business out of a spare bedroom, garage or basement? These entrepreneurs may start off as self-employed individuals, selling their wares on e-bay or etsy or at flea markets. In some cases, a humble beginning ...

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Benefits

What the 2014 Elections Mean for Business Tax Legislation

Now that the dust has settled from the mid-term elections – with the Republican party firmly in control of both houses of Congress – what are the prospects for comprehensive tax reform? Not as favorable as you might think. Although the GOP hopes to break

Accounting

Higher Education Tax Breaks Aren’t as Easy As 1-2-3

Prior to 2014, parents could generally claim one of three sizeable tax breaks for higher education expenses on their personal tax returns: the tuition deduction, the American Opportunity Tax Credit (formerly the Hope scholarship credit) or the Lifetime Le

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Benefits

4 Tax Reasons that Now is the Time to Convert to a Roth IRA

If you haven’t converted a traditional IRA to a Roth by now, you’re probably never going to do it…right? That’s not necessarily true. In fact, some of your clients who have been sitting on the fence for awhile may be convinced to finally take the leap ...

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Income Tax

How to Lock Down Home Office Tax Deductions

Make no mistake about it, the home office deduction rules are filled with potential landmines for the unwary. However, if you give clients the IRS-approved blueprint, they can preserve deductions for 2014.

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Accounting

Will Congress Restore Sec. 179 Tax Deduction Limits?

The ultimate fate of the Section 179 deduction remains unclear. As things stand now, the maximum allowance will remain at the lowest level it’s been since the year 2000, a mere $25,000. Of course, Congress may still get its act together to restore...

Income Tax

How to Get the Biggest Tax Deductions from Charitable Donations

At the end of the year, socially-conscious clients can boost their deductions, and thereby lower their tax bills, by giving a little extra to the charities of their choice. That’s still a sensible tax strategy as 2014 draws to a close. But a recent ...

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Benefits

The End of the Year is Near: Take Your Required Minimum Distributions or Face Big Penalties

Should retirees take money out of their qualified retirement plans like 401(k)s and IRAs to help pay for their living expenses? Most retirement-savers in their 70s or older have little choice: Under the federal tax law, they are mandated to make ...