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Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the...
IRS Begins Delivering Third Round of Economic Impact Payments to Americans
The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some...
SBA Issues New PPP Calculation Option For Self-Employed Taxpayers
The U.S. Small Business Administration (SBA) issued a new Paycheck Protection Program (PPP) interim final rule allowing self-employed individuals who file Schedule C, to calculate their maximum loan amount using gross income rather than net income. This new rule...
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers
The Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for...
Vrakas Celebrates 50 Year Anniversary
It is with great pride that Vrakas S.C. announces its 50th anniversary this year (1971-2021). Vrakas CPAs + Advisors was founded 50 years ago when its founder, Bob Vrakas, identified that the larger accounting firms were under-serving middle...
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...
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 &...