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.
August 27, 2017
Based on the evidence in the case, the Tax Court concluded that the taxpayer received gross income in 2012 equal to the value of the services that he provided to the trust. This amount was applied as an offset against the rent that the taxpayer owed.
August 24, 2017
The IRS can and often will impose tax on workers who don’t receive traditional wages from employment-related activities. Here are three of the latest examples culled from the Tax Court files.
August 23, 2017
Entrepreneurs usually aren’t surprised by the amount of work it takes to get a business up and-running and become successful. But these same small business owners are often blindsided by the time and effort required for tax and accounting issues.
August 23, 2017
As a general rule, you may write off the direct expenses of the home office (e.g., painting and carpeting a room) as well as a proportionate share of indirect expenses, such as mortgage interest and real estate taxes, utilities, insurance and repairs ...
August 21, 2017
The scammers have “gone phishing.” This is the crime of using emails, websites and social media to steal your confidential information off your computer. The devious cyber crooks may convince you to install malicious software by having you click on a ...
August 18, 2017
Are any of your clients up to their ears in debt to the IRS? Tell them to listen carefully: You don’t have to flee the country or pull off a bank heist to get out from under. There are a couple of ways to resolve a tax debt in a reasonable manner ...
August 7, 2017
The myRA certainly wasn’t around very long. On July 28, the Treasury Department announced that this government-sponsored retirement savings account – the brainchild of the Obama administration – is being phased out after an assessment.
July 5, 2017
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).
June 20, 2017
Now scammers are trying to scare taxpayers by thinking their payments to them will be linked to the Electronic Federal Tax Payment System (EFTPS).
June 13, 2017
The IRS continues to treat legitimate sellers of cannabis as criminals when it comes to claiming tax deductions. In a handful of states around the country – including Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Washington and the District of Columbia – residents are now legally allowed to own and smoke certain quantities of weed,...…
June 12, 2017
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 ...
June 12, 2017
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.
