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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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Taxes

The Tax Blotter - April 2023 - Sec. 529 Plans Get Updates

A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.

Taxes

Renowned CPA Fails to Prove NOLs

The Tax Court denied net operating loss carryforwards for a CPA who operated several Fuddruckers restaurants.

Taxes

Using a Go-Between for 1031 Exchanges

The favorable tax treatment isn’t automatic. To avoid current tax, you and the qualified intermediary must sign a "Qualified Exchange Accommodation Agreement."

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Taxes

Tax Angles to Intra-Family Loans

if you can’t present clear and convincing evidence that the loan is tied to a business transaction, the transaction may be deemed to be a gift.

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Taxes

When is it Beneficial to Pass Up the Home Sale Exclusion?

Depending on the circumstances, it may be better to bypass the exclusion on a current sale and save it for the time when it will do you more tax good.

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Taxes

Five Benefits of Hiring Your Spouse

When you officially add your spouse to the company payroll, they are taxed on the compensation, but are also eligible for benefits just like any other employee.

Taxes

New Tax Relief for Emergency Expenses

Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.

Taxes

New Law Revamps Retirement Saver’s Credit

Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.

Payroll

Automatic Enrollment 401(k)s Become Automatic

If an employer includes an automatic enrollment feature in its 401(k) plan, it may encourage greater participation among the rank-and-file, especially younger workers.

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Taxes

A SIMPLE Way to Retirement Savings

The required minimum distribution (RMD) rules apply to SIMPLEs. Beginning in 2023, the new law increases the age threshold to 73, up from 72 under the initial SECURE Act.

Payroll

401(k)s Are Now Open to More Part-Time Workers

The 401(k) plan is one of the most popular qualified retirement plans around. However, in the past eligibility was generally restricted to an employer’s full-time employees.

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Taxes

New Tax Law Boosts ABLE Accounts

If you meet the tax law requirements and are receiving Supplementary Security Income (SSI) and/or Medicaid benefits, you’re automatically eligible to participate.