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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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Health Savings Account Changes

By Tax Principal, Scott Syrjala Healthcare can be a large expense for working Americans and retirees alike. Fortunately, it's possible to set funds aside for current and future medical expenses in a tax-advantaged fashion using a Health Savings Account, or HSA. With...

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BASEBALL STADIUM DISTRICT SALES TAX ENDS MARCH 31, 2020

The Wisconsin Department of Revenue recently announced the end of the 0.1% baseball stadium sales and use tax. The local professional baseball park district board plans to make certification to the department in March 2020 for the tax to end March 31, 2020. Beginning...

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Changes to 401(k) Contribution Limits for 2020

Every year, the IRS takes a fresh look at contribution limits and makes changes as necessary. Below are some of the more significant changes for 2020: Contribution limits for employees who participate in 401(k) plans, 403(b) plans, most 457 plans and the federal...

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