What’s the Story on Gift Taxes?
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
Vrakas/Blum Adds Product Line, Sage Intacct
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
Changes to the 2023 Form 5500
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
2023 Deductible Meals & Entertainment
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
Welcome to Vrakas! Our Summer Intern Class.
Vrakas welcomed five accounting interns on May 30, 2023. These interns will gain hands on experience working on real-world projects and learn more about the
Understanding Common Cost Management Levers
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
Vrakas Recognized as a Top Workplace for a Fourth Consecutive Year
Milwaukee Journal Sentinel Names Vrakas CPAs + Advisors a Winner of the Southeast Wisconsin Top Workplaces 2023 Award. Vrakas CPAs + Advisors has been awarded
Option to Treat Employer Contributions as Roth Contributions Under SECURE 2.0
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
Vrakas Adds Director of Talent
Vrakas S.C., is pleased to announce that Tara Tomter has been hired to serve as the firm’s first Director of Talent. With 17 years of
IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate
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
Does Form 5500 Reporting Apply to Your Retirement Plan?
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
How To Navigate an Individual Tax Audit
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