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In brief, the IRS is not imposing a tax on the sweater you gave to Uncle Arnold for Christmas or those Amazon gift cards you gave your nieces. The IRS only starts taxing gifts when they surpass a certain dollar limit each year and during your lifetime. And gift taxes...

Vrakas/Blum Computer Consulting, LLC (VBCC), a related corporation to Vrakas S.C., has added Sage Intacct to its product offerings. Intacct is a robust cloud-based solution that will help VBCC expand into new markets. Intacct is known for its multi-dimensional...

The Department of Labor (DOL) released the final changes to Form 5500 relating to the September 2021 notice of proposed form revisions (NPFR) to amend the Form 5500.  The changes fall into seven major categories.  These changes are effective for plan years beginning...

As of January 1, 2023, meals and entertainment deductible expenses revert back to the tax rules prior to 2021. The Consolidated Appropriations Act of 2021 temporarily increased some these deductions for 2021 and 2022 tax years to 100% deductibility. For tax year 2023,...

First of all, it is important to distinguish a cost optimization strategy from a cost cutting strategy.  Cost optimization involves strategically aligning on the “special sauce” of the company and being targeted on which costs are truly levers that can be pulled vs....

Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth contributions. We expect this provision will attract employees’...

The IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an irrevocable grantor trust not includable in the grantor’s gross estate do not receive a basis adjustment under Internal Revenue Code Section 1014. In the revenue ruling’s fact pattern,...

Form 5500, the Annual Return/Report of Employee Benefit Plan, was developed by the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC). Plan sponsors use this form to satisfy annual...

While it is accurate to say that the IRS has audited significantly fewer people, less than 1% of individual tax returns are audited and the majority of audits nowadays are handled from a distance rather than in person, these changes do not mean that you will never be...

Manufacturers will continue to face supply chain headwinds in 2023, a cause for concern following a turbulent few years. Economic uncertainty, supply shortages, rising costs and frustrated customers threaten to impede growth. Some supply chain industry pundits would...