The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. Highlights of changes for 2021: The income ranges for...

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments. Highlights...

The Wisconsin Economic Development Corporation (WEDC) is opening up a second round of grants for eligible small businesses. These grants are the result of an additional $50 million in funding made available by the Coronavirus Aid, Relief, and Economic Security (CARES)...

Vrakas/Blum Computer Consulting, Inc. (VBCC) has been selling and implementing Sage products for over 25 years and is one of the top Sage resellers in the Midwest region. Sage 100cloud helps growing companies with accounting, manufacturing, distribution, inventory...

The Department of Treasury and the Internal Revenue Service recently released guidance implementing the Presidential Memorandum issued on August 8, 2020 allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the...

IRS Tax Update: In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18....

The Small Business Administration recently released additional Paycheck Protection Program (PPP) loan forgiveness guidance.  The additional guidance relates to who is considered an owner-employee, whether related party rent qualifies and whether amounts attributable...

The SBA recently released the answers to five more frequently asked questions.  Two of the questions relate to PPP loans including whether vision and dental benefits are included in the provision of group health care benefits and the remaining three questions related...

The President issued an executive order deferring payroll taxes beginning September 1, 2020.  As the COVID-19 (coronavirus) pandemic continues to surge in multiple regions of the United States, the economy continues to flounder. While some economic recovery has...

With many taxpayers working remotely, the IRS recently released Tax Tip 2020-98 detailing qualifications for a home office deduction. The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working...