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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Extension of Paycheck Protection Program Loan Application

On July 4, 2020, President Trump signed into law a bill to extend the application process for the Paycheck Protection Program.  For those employers who have not already applied, they now have until the earlier of August 8, 2020, or until the authorized funds run out...

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Tax Deadline Reminder

The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal and Wisconsin income taxes on April 15, 2020, was automatically extended until July 15, 2020. This relief also includes estimated tax payments for tax year 2020 that were...

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AICPA issues guidance on accounting for forgivable PPP loans

The below article discusses the accounting treatment related to PPP loans and any ultimate forgiveness. A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under...

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