Ken Berry, JD

September 30, 2019 

The Tax Blotter is a roundup of interesting tax news.

Ken Berry, JD

September 26, 2019 

When it comes to accounting for income and expenses, most small business owners want to K.I.S.S. (Keep It Simple, Stupid). Not surprisingly, many are embracing the reforms recently created by the Tax Cuts and Jobs Act (TCJA). Notably, the TCJA opens up...

Ken Berry, JD

August 21, 2019 

Section 199A can be a gold mine for owners of pass-through entities and sole proprietors. Thanks to this provision authorized by the Tax Cuts and Jobs Act (TCJA), a qualified taxpayer can annually deduct up to 20% of its qualified business income (QBI), effective for 2018 through 2025. But the TCJA deduction is fraught with...…

Ken Berry, JD

August 8, 2019 

The IRS recently provided clarification concerning food and beverage deductions. The IRS says that a 50% deduction is allowed for food and beverage expenses if the following conditions are met...

Ken Berry, JD

August 4, 2019 

Proponents of tax simplification have bandied about the idea for a postcard-type 1040 for years. It came closer to fruition when the massive Tax Cuts and Jobs Act (TCJA) was enacted at the end of 2017. Supporters of the legislation, including ...

Ken Berry, JD

July 30, 2019 

The report says that poor taxpayer service remains the biggest challenge taxpayers face in dealing with the IRS. For example, during this tax filing season IRS telephone assistors answered just 25% of taxpayer calls enterprise-wide.

Ken Berry, JD

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...…

Ken Berry, JD

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.

Ken Berry, JD

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.

Ken Berry, JD

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.

Ken Berry, JD

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.

Ken Berry, JD

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...…

Ken Berry, JD