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Employers: Know Your Tax Forms

If you run a business, you need to know about the following forms. Form W-2  Employers must complete a Form W-2 for each employee. These wages and taxes are reported annually on the W-2. However, W-2s aren't filed directly with the IRS. Instead, employers file W-2s...

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Four Amenities Today’s Tenant demands in an Office Space

Vrakas is currently updating our office space for the first time since the 80's ... it's about time right?! Long gone are the days when an office was a maze of cubicles beneath long, flickering, fluorescent lights. Today’s tenants are demanding much more creative...

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FIFO or LIFO: Which Is Right for Your Business?

The way businesses value inventory can affect their taxes. It also affects the financial statements companies present to banks when they apply for loans. Businesses generally are allowed to use one method for their taxes and another for their financial statements....

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The Dirty Dozen Tax Scams

You may encounter at any time a variety of tax fraud schemes, from simple refund inflation scams to complex tax shelter deals. Here is a list of some of the frauds to be vigilant about: Phishing — Be alert to potential fake emails or websites looking to steal personal...

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Which Employees Are Exempt From Tax Withholding?

Tax withholding is a seemingly inevitable part of working, but there are exceptions, as shown by the following information about employees exempt from withholding. Student employees Generally, individuals employed by a school, college or university where they are also...

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Vrakas CPAs + Advisors Receives WICPA Community Service Award

Vrakas CPAs + Advisors, with offices in Brookfield and Kenosha, received the 2019 Wisconsin Institute of Certified Public Accountants (WICPA) Community Service Award – Organization at the WICPA’s Member Recognition Banquet & Annual Business Meeting held Thursday,...

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Proper Reporting for QSEHRA Benefits

Introduced in 2017 via the 21st Century Cures Act, the QSEHRA is an employer-funded health benefit that enables tax-free reimbursements. Only small employers with fewer than 50 full-time employees and who do not otherwise provide a group health plan can offer a...

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Farming: Know the Accounting Basics

Farms face factors that many other businesses don't. Not only are they regulated and subsidized, but they're also heavily dependent on weather, with changes in rainfall or temperature meaning the difference between profit and loss. Accounting for these factors is not...

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What Information Is Included on a Pay Stub?

Although the Fair Labor Standards Act (FLSA) does not require that you give employees a pay stub, it does mandate that you keep accurate records of employees' wages and hours worked. Also, many states require that employers supply employees with a pay stub. However,...

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