Wisconsin Amends Tax Law for PPP

An ongoing problem with the acceptance of Paycheck Protection Program loan forgiveness has been with the tax treatment by a business’ home state of the forgiven monies and the expenses the PPP funds have paid for. While the federal government addressed the issue with the passage if the most recent COVID relief bill in December,…

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IRS Guidance on Deductions of PPP Loans

A recent guidance issued by the Internal Revenue Service and the US Treasury specifies that businesses may not deduct costs covered by Paycheck Protection Program loans if they expect their debt to ultimately be forgiven, a decision that stands to impact the 2020 tax filings of small business owners in particular. The recently released guidance…

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IRS Issues New Rule for Business Expenses

The Internal Revenue Service last week issued proposed new rules governing the deductibility of certain business expenses in light of changes dictated by the Tax Cuts & Jobs Act of 2017. Prior to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense…

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IRS Releases Rule on Business Interest Deductions

Almost in concert with the proposed Congressional fixes to the TCJA (above), the Internal Revenue Service this week released 439 pages of proposed regulations that in large part address other issues and changes inherent in TCJA passage. Primary amongst them for our readers, the proposed regulations clarify a key provision in the TCJA that limited…

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