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Time to Think About 401(k) Audits

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...

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HSA Annual Contribution Limit Changes

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...

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Business Tax and Bad Debt

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,...

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Surviving the Personal Tax Audit

The IRS will assure you that you've been randomly selected for closer examination. You may feel totally unhinged, like you are entering Dante's Inferno. For one Manhattan man, the letter about the audit was the opening act of a five-month-long drama. He methodically...

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Who Needs a Business Valuation?

Business valuations are often essential when you're trying to sell, but there are other reasons for getting one. A business valuation can help do the following: Strengthen your credibility. An independent, outside valuation builds confidence — yours and your...

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President Signs Sweeping Tax Overhaul Into Law

The Tax Cuts and Jobs Act (H.R 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the senate,...

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The Major Tax Changes: An Overview

The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the...

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Sweeping Tax Overhaul Heads to House and Senate

The House and Senate Tax Cuts and Jobs Act Conference Committee unveiled its tax reform package on December 15. The Committee, after a week of intense negotiations, blended the House and Senate versions of the Tax Cuts and Jobs Act (H.R. 1) into one legislative...

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