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.
July 30, 2019
In the past, a company could generally deduct all of its business interest expenses, subject to certain restrictions. But the Tax Cuts and Jobs Act (TCJA) placed a brand-new limit on business interest deductions for tax years beginning after 2017. Fortunately, however, many small business owners, including some of your clients, will qualify for a...…
July 12, 2019
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.
June 18, 2019
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.
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.
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May 1, 2019
Snipes still owed $23.5 million in back taxes when he was set free. In order to resolve his tax debt, the actor made an OIC of $850,000, or about 4% of the amount he owed.
October 5, 2018
As the “gig economy” continues to gain steam in the U.S., the IRS is lagging behind, according to a new report from the Treasury Inspector General of Tax Administration (TIGTA). The report focuses mainly on the classification of workers for payroll tax purposes (“Improvements to the SS-8 Program Are Needed to Help Workers and Improve...…
August 20, 2018
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 ...
July 20, 2018
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 ...
June 25, 2018
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. ...
June 20, 2018
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 ...
June 12, 2018
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.
May 15, 2018
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.
