Millions of Taxpayers Receive a Tax Refund Interest Payment

IRS Tax Update: In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18....

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2020 Payroll Tax Deferral Order

The President issued an executive order deferring payroll taxes beginning September 1, 2020.  As the COVID-19 (coronavirus) pandemic continues to surge in multiple regions of the United States, the economy continues to flounder. While some economic recovery has...

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Do you qualify for a home office deduction?

With many taxpayers working remotely, the IRS recently released Tax Tip 2020-98 detailing qualifications for a home office deduction. The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working...

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Vrakas Named Top Workplace of Southeastern Wisconsin

Vrakas CPAs + Advisors is pleased to announce we have been named a Top Workplace of southeastern Wisconsin by the Milwaukee Journal Sentinel. For 2020, 238 employers participated in the survey and only 150 were ranked and made the final list. Vrakas ranked 19 out of...

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Form 5500 Initial Deadline Quickly Approaching

The Employee Retirement Income Security Act of 1974 ("ERISA") requires employee benefit plans with 120 or more eligible participants as of the first day of the plan year to undergo an annual independent audit.  Once an audit has occurred, the 401(k) plan must be...

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PPP Forgiveness: No Need to Rush, and Other Tips

The below article discusses PPP Forgiveness moving forward.  Although forgiveness for Paycheck Protection Program (PPP) loans is a foremost topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should not rush to apply for...

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