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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

Deferred Payroll Taxes Are Coming Due Soon

Businesses have until December 31, 2022, to meet their obligations for federal payroll taxes deferred from as far back as 2020. If a business fails to comply, it may be hit with a hefty tax penalty.

Income Tax

The Tax Blotter - Sept. 22, 2022

The Tax Blotter is a round-up of recent taxation news.

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Income Tax

Details of the New Tax Rules for Electric Vehicles

The new law retains the maximum credit of $7,500 for 2023 through 2032. However, the IRA changes other rules of the road, as follows:

Small Business

Income Tax Deductions for Start-Ups

A start-up business can claim a current deduction for qualified start-up costs if it meets two requirements, as stated by the IRS.

Small Business

The Work Opportunity Tax Credit for 2022 (WOTC)

The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.

Income Tax

Tax Issues with Student Loan Forgiveness

Generally, the income is taxable in the year that the forgiveness or cancellation occurs. The creditor will

Income Tax

Arranging a Tax-Favored Installment Sale

With this tried-and-true tax planning technique, you can defer the tax over several years, usually reducing the overall tax bite.

Income Tax

Five Tax Breaks for Higher Education

It cost a pretty penny to send your kids to school, but at least the tax law affords some measure of tax relief. Here’s a roundup of five key tax breaks for higher education.

Income Tax

The Tax Blotter - Aug. 2022

The Tax Blotter is a bite-sized round-up of recent tax issues.

Benefits

A SEP-IRA Can Be the Easy Way Out

First off, the employer must contribute to a SEP-IRA for any employees age 21 and over who have worked for the business three out of the previous five years

Taxes

Carried Interest Rules Live to See Another Day

This tax break has been in the crosshairs of Congress for years but was removed from Senate Democrats’ Inflation Reduction Act.

Benefits

This Retirement Plan Is Just for Self-Employeds

You can adopt either a defined contribution Keogh plan or a defined benefit Keogh plan. As you might expect, the rules for these variations generally