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Second Draw Paycheck Protection Program Loan – Updated Guidance
The Small Business Administration (SBA) recently released updated guidance to assist businesses in calculating their eligibility for a Second Draw PPP Loan. Borrowers and lenders may rely on the guidance provided in the below document as SBA’s interpretation of the...
Vrakas Promotes Three to Shareholder Status
The public accounting and business advisory firm, Vrakas S.C., is pleased to announce the promotion of Michael J. Hall, CPA, Mary Ellen Michaelson, CPA and Scott M. Syrjala, CPA to Shareholder effective January 1, 2021. Each of them has demonstrated that they have the...
Effect of New Federal Law on 2020 Wisconsin Tax Returns
The Wisconsin Department of Revenue recently published a bulletin describing the effect of new federal law changes on 2020 Wisconsin tax returns. The federal Consolidated Appropriations Act, 2021 (Public Law 116-260) was enacted on December 27, 2020. The...
Employee Retention Credit Amended and Extended – Take A Second Look to See If You Qualify
The employee retention credit was created as part of the CARES Act on March 27, 2020. The recent Consolidated Appropriations Act, 2021, which was enacted on December 27, 2020 amended and extended the credit. Below is a summary of the eligibility and qualifications...
New Hires & Interns
Vrakas is happy to add three new employees to the firm as well as four interns joining us for the 2021 prime time. Dan, Erek and Tim were offered full-time positions after completing their internships and are officially back as associates. Dan Leitinger...
PPP: Second Draw Loan and Revised Borrower Application
The SBA has recently released a top-line overview describing the criteria for those who may qualify for a second draw of Paycheck Protection Program (PPP) loans as well as the application form for the second draw loan and a revised application for new borrowers. Click...
Guidance Released Regarding PPP Loans
The U.S. Small Business Administration (SBA) and Treasury have issued two interim final rules (IFR’s) regarding the Paycheck Protection Program (PPP). Below are links to the IFR’s and descriptions for the content included therein. We will provide updates and...
COVID-19 Relief for Employers Using the Automobile Lease Valuation Rule
The IRS recently released guidance providing temporary relief in response to the ongoing COVID-19 pandemic for employers using the automobile lease valuation rule to value an employee’s personal use of an employer-provided automobile. Due solely to the COVID-19...
Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of...
Congress Passes Year-End Agreement on Pandemic Relief, Stimulus, and Extenders
Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of...