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New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs....
2021 Wisconsin Acts 1 & 2
Gov. Tony Evers today signed Assembly Bill 2, now 2021 Wisconsin Act 1, providing approximately $450 million in tax relief to Wisconsin businesses and $30 million more in tax relief to low-income families by adopting federal changes to align state tax law. Most...
Vrakas Promotions from Manager to Principal
The public accounting and business advisory firm of Vrakas S.C. is pleased to announce the promotion of Sara M. Johnson, CPA and Paul A. Rothering, CPA to Principal. Sara M. Johnson, CPA - Previously a manager, Johnson has been promoted to Principal in the firm's...
Cast A Vote For Vrakas!
The Milwaukee Journal Sentinel is running a Community Choice Awards ... Please take a minute to write in a vote for Vrakas CPAs + Advisors in the accounting category! Click Here To Cast Your Vote "Accountant" can be found under the heading "Home, Home Services &...
New IRS Form Available For Self-Employed Individuals To Claim COVID-19 Sick And Family Leave Tax Credits Under FFCRA
The Internal Revenue Service announced that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Eligible self-employed individuals will determine their...
Educators Can Now Deduct Out-of-Pocket Expenses for COVID-19 Protective Items
Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;...
IRS Updates FAQs On Paid Sick Leave Credit and Family Leave Credit
The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at: COVID-19-Related Tax...
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...