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...

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...

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...

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...

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...

Wisconsin recently adopted provisions in the Federal Tax Cuts and Jobs Act of 2017 and disclosed provisions that were not adopted. A few key items of note, Wisconsin has adopted the expanded Section 179 expensing of capital expenditures, increased luxury auto...

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...

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...

When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. If your business has already shown this amount as income for tax purposes,...