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What Is An Identity Protection PIN?

So, what is this new Identity Protection PIN? Given by the IRS to eligible taxpayers, the Identity Protection PIN ("IP PIN") is a six-digit code helping to prevent the continued misuse of Social Security numbers on fraudulent federal income tax returns. Basically, the...

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Wisconsin Recent Tax Law Changes For 2019

Wisconsin reduces the tax rates for the first and second tax brackets for 2019.  The first bracket is reduced from 4% to 3.86%.  The second bracket is reduced from 5.84% to 5.04%. Certain business moving expenses are no longer deductible in Wisconsin.  Beginning in...

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What Does Depreciation Mean to Your Construction Business?

When you think of construction, do you think of inventory right off the bat? Probably not. Although they don't always go hand in hand, it is important to understand the costs to acquire products as your largest expense for your company. As a construction company...

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IRS Clarifies Deductible Expenses

Do you know what rules are being updated for deductible expenses as a result of the Tax Cuts and Jobs Act? The IRS is offering a handful of updated rules to those that were originally not fully understood. A few to hit on include: Using Optional Standard Mileage Rates...

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With Little Fanfare, IRS Releases Radically New Form W-4

The IRS has been promising a new version of Form W-4, Employee's Withholding Certificate, for some months, and it recently published it, with a brief announcement in its e-News service. The form is very similar to a draft version published earlier in 2019. Although...

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IRS Issues Standard Mileage Rates for 2020

The Internal Revenue Service recently issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for...

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The SECURE Act: Major Last-Minute Retirement Plan Changes

Despite all the gridlock in Washington, as well as an impeachment, the SECURE Act is poised for imminent passage and signing into law. It changes a number of important retirement plan rules. The act runs over 120 pages, so the experts will be poring over it for some...

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Oregon Commercial Activity Tax

Oregon recently adopted a Commercial Activity Tax (CAT). The tax is imposed on businesses for the privilege of doing business in Oregon, including those located inside and outside of Oregon. The amount is based on a business’s commercial activity or the total amount a...

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The Ins and Outs of Form 1099

You've probably received a 1099-INT tax form from your bank. It signifies it paid interest on your savings. Another may come from your state, attesting to its tax refund to you. If you're a freelancer or contract worker, you may have received a 1099-MISC from your...

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Vrakas CPAs + Advisors Appoints New Managing Shareholder

Vrakas CPAs + Advisors is proud to announce that Bradley J. Weckwerth will be the firm’s next President and Managing Shareholder. “It’s with great enthusiasm that we begin this transition.  Brad has the full support of our shareholder group and is more than ready to...

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