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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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Retirement Tax Tips: How to Decide on RMDs for 2020

Normally, retirees in their seventies or older arrange to receive required minimum distributions (RMDs) from retirement accounts at the end of the year. Otherwise, they could be held liable for a severe tax penalty, on top of the ...

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New Tax Twists to Year-End Charitable Gifts in 2020

It’s customary to give to charity around the holidays at the end of the year. Not only does this benefit worthy causes, it can pay off with a bigger charitable deduction on your tax return.

Deductions

Don’t Miss This Opportunity for a Medical Deduction in 2020

Forget about it being your best shot at a medical deduction this year—it could be your last shot, depending on your personal situation. It all has to do with the threshold for deducting medical expenses.

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Tax Changes Shake Up SALT Deductions

In the not-so-distant past, taxpayers who itemized could generally write off the full amount of state and local tax (SALT) payments, without any dollar restrictions. This often created a tax windfall for residents of states where income taxes or ...

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Benefits

Election 2020: Comparing the Biden and Trump Tax Plans

Now that the conventions of both major parties have wrapped up, we’re heading into the home stretch of the presidential election race. Naturally, taxes will be a major point of contention.

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Who Really Won in the Supreme Court Rulings on Trump's Tax Returns?

The Court said in both cases that Trump isn’t granted immunity from such investigations just because he occupies the office of POTUS. Thus, at first glance, the president “lost” this legal battle, but the actual truth is more complex. The main sticking po

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Accounting

IRS Sent Coronavirus Stimulus to Millions of Dead and Incarcerated Persons

The IRS has sent Coronavirus stimulus payments to deceased people by mistake. It’s unclear how many such checks have been delivered, but it’s thought to be significant, because about 2 million people in the U.S. die each year.

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IRS to Taxpayers: Act Now to Speed Up Stimulus Payments

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IRS Opens Window to Opportunity Zones

To qualify for deferral, the amount of a capital gain to be deferred must be invested in a Qualified Opportunity Fund (QOF), which is an entity treated as a partnership or corporation under federal tax law and organized for the purpose of investing in ...

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IRS Delivers Mixed News on the Tax Gap

The estimates translate to about 83.6%, of taxes being paid voluntarily and on time. This is in line with recent levels. The new estimate is essentially unchanged from a revised Tax Year (TY) 2008-2010 estimate of 83.8%. After enforcement efforts are ...

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The Tax Blotter - Oct 1, 2019

The Tax Blotter is a roundup of interesting tax news.

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Tax Law Means Big Accounting Changes for Small Business Owners

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...