All Vrakas offices will be closed July 1 - July 5, 2024.

Blog

Setting Up a Business? Don’t Forget the Taxes!

In a recent announcement, the IRS is reminding would-be entrepreneurs of the importance of understanding the tax implications of setting up their own businesses. To start with, you have to choose a form for your business. Your choice has many implications for taxation...

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Guide to Basic Reporting Requirements for 1099s: MISC & NEC

The IRS is trying to make complying with the new lower filing requirement easier. Starting with the 2023 filing year, if a company has 10 information returns to complete, they will be required to electronically submit them to the IRS. This total is an aggregate...

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Can You Get Rid of PMI?

Do you want to get rid of PMI? First, understand exactly what it is and how it works. PMI is a type of insurance that you’ll have to pay for when you take out a conventional mortgage – one not insured by a government entity – and you haven't come up with a down...

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Updating Sales Tax Rates in QuickBooks Online

Updating Sales Tax Rates in QuickBooks Online: Step-By-Step Guide  • Sales tax collected set up in QuickBooks Online should automatically update with the new Milwaukee City and County rate increase. • Please confirm that the proper amount of tax is being collected...

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Supporting Local: Vrakas Summer Charity Lunches

At Vrakas, we believe in supporting local charities that give back to so many in our community. June through November, Vrakas holds charitable lunches that benefit local organizations. Each month, an assigned department hosts their charity lunch where they select a...

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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 your nieces. The IRS only starts taxing gifts when they surpass a certain dollar limit each year and during your lifetime. And gift taxes...

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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 that will help VBCC expand into new markets. Intacct is known for its multi-dimensional...

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