Resources

 

Blog

Supreme Court Ruling on Online Sales Tax Sows More Confusion

It has long been the rule that a state cannot collect sales tax from a vendor that is selling products in that state, unless that vendor has a physical presence, called a nexus. However, on June 21, in a 5-4 decision, the Supreme Court swept away the nexus rule...

read more

Understanding Your Payroll Tax Liabilities

On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA)...

read more

What Every Employer Must Know About State Unemployment Tax

Although most wages are subject to SUTA tax, certain wages may be exempt. In New York, for example, wages paid to babysitters under 18 years of age, church employees, and certain family members are exempt from SUTA tax. Therefore, it’s essential to check with your...

read more

Wisconsin’s Sales Tax Holiday

Governor Walker recently signed into law a new sales tax holiday from August 1 through August 5, 2018. During the five day sales tax holiday, retail sales of certain items will not be subject to sales tax. Items Included In Sales Tax Holiday Clothing with a sales...

read more

Are You Maximizing Your Company’s Value?

By Paul D. Schoessow, CVA  As a small business owner, your business is likely one of your most valuable assets and at some point you may want to either sell your business or establish a succession plan in order to preserve your legacy. To maximize your selling price...

read more

Wisconsin’s Child Tax Rebate

Wisconsin ended the last fiscal year with a surplus. Governor Walker and the State Legislature are returning the surplus to certain taxpayers in the form of a Child Sales Tax Rebate. The $100 rebate is available for sales and use tax paid on purchases made for raising...

read more

HSA Family Contribution Update

The IRS announced in Revenue Procedure 2018-27 relief for taxpayers with family coverage under high deductible health plans. The procedure re-instates the originally announced maximum contribution limit for 2018 of $6,900. In March of 2018, the IRS had revised the...

read more

Time to Think About 401(k) Audits

By Sara Johnson, CPA, Audit Manager   Vrakas is proud to audit over 80 employee benefit plans each year.  Our team's emphasis is to ensure your plan is being served by qualified professionals who not only can provide the compliance audit services that you require, but...

read more

HSA Annual Contribution Limit Changes

The IRS recently announced (IRB 2018-10) the inflation adjusted amounts for annual contribution limits to health savings accounts (HSA) for family plans have changed from the originally announced limits. For the calendar year 2018, the annual limitation for an...

read more