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Vrakas CPAs + Advisors: Our Current Focus

It is our sincere hope that this correspondence finds you happy and healthy. As a firm, we have been closely monitoring and addressing the rapidly evolving developments concerning COVID-19. Our goal is to make sure we are doing what is necessary to keep everyone in...

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Meal and Entertainment Limitations

The IRS just released proposed regulations relating to meal and entertainment expenses. Taxpayers may rely on the proposed regulations for meal and entertainment expenditures paid or incurred after December 31, 2017 until final regulations are issued.  A couple of...

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Freelancing? Know the Tax Rules!

Web development and designing, teaching and tutoring, copywriting, blogging, photography, social media manger or influencer... these are just to name a FEW of the freelance jobs out there. If freelancing is your line of work, it PAYS to know how the tax code can work...

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What Is An Identity Protection PIN?

So, what is this new Identity Protection PIN? Given by the IRS to eligible taxpayers, the Identity Protection PIN ("IP PIN") is a six-digit code helping to prevent the continued misuse of Social Security numbers on fraudulent federal income tax returns. Basically, the...

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Wisconsin Recent Tax Law Changes For 2019

Wisconsin reduces the tax rates for the first and second tax brackets for 2019.  The first bracket is reduced from 4% to 3.86%.  The second bracket is reduced from 5.84% to 5.04%. Certain business moving expenses are no longer deductible in Wisconsin.  Beginning in...

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What Does Depreciation Mean to Your Construction Business?

When you think of construction, do you think of inventory right off the bat? Probably not. Although they don't always go hand in hand, it is important to understand the costs to acquire products as your largest expense for your company. As a construction company...

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IRS Clarifies Deductible Expenses

Do you know what rules are being updated for deductible expenses as a result of the Tax Cuts and Jobs Act? The IRS is offering a handful of updated rules to those that were originally not fully understood. A few to hit on include: Using Optional Standard Mileage Rates...

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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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