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Voluntary Correction Programs for Benefit Plans

Qualified retirement plans — including 401(k) plans — are required to comply with specific rules, which are enforced by the Internal Revenue Service. These rules include guidance on: Developing and maintaining a written, up-to-date plan document. Operating the plan...

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IRS increases mileage rate for remainder of 2022

IRS increases mileage rate for remainder of 2022 The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of...

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2023 HSA and EBHRA Contribution Limits

The Internal Revenue Service has released the 2023 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs).  Please click the below link for more details....

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Deciding Between a Compilation, Review or Audit

Deciding Between a Compilation, Review or Audit Even a successful, privately held small business may be asked for an audited financial statement by a banker, investor, creditor or buyer. These third parties often want some assurance that the financial statements...

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Vrakas Adds IT Administrator

Vrakas S.C., is pleased to announce that its hired Gjeret D. Stein as the firm’s IT Administrator. Gjeret Stein, with twenty years of information technology experience, will assist Vrakas with day to day help desk duties, as well as focusing on security,...

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Taxes and Business Startups

New entrepreneurs think about production, marketing, sales and human resources - but often forget the tax angle. You need to be on top of your IRS situation from day one.

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Wisconsin Unclaimed Property Voluntary Disclosure Agreement

Wisconsin recently enacted 2021 Wis. Act 87  which provides for a one-time unclaimed property voluntary disclosure program that runs from February 1, 2022 through February 28, 2023. Businesses, organizations, and government entities that have unclaimed property to...

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Tax Changes to Think About in 2022

The 2021 tax landscape was filled with headlines about new, possible, and pending legislation. When the year ended, taxpayers were left with many questions about what taxes would look like in 2022. For now, the Build Back Better Act is on hold, and many provisions of...

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Advance Child Tax Credit Recipients (Letter 6419)

The Internal Revenue Service recently announced that it will issue informational letters to Advance Child Credit recipients.  If you received such payments, this information will be necessary to your 2021 tax preparation in order to avoid delays in processing and...

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Vrakas Welcomes 2022 Interns

Vrakas welcomed five accounting interns on January 10, 2022. These interns will gain hands on experience working on real-world projects and learn more about the day-to-day responsibilities in the audit and tax departments. They will work with us through the April...

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