The unprecedented events of the past 18 months have impacted all of us in many ways, and your tax filings are no exception. After two tax years like no other, we are hopeful to get back to some normalcy. This year after the filing of 2020 tax returns had begun, rule...
There’s no doubt about it the Child Tax Credit, part of the American Rescue Plan Act, will provide the largest child tax credit in history. While this credit will provide some much-needed relief for parents and families, there are two sides to this proverbial coin....
Who's buying lunch? The IRS recently provided guidance under the Taxpayer Certainty and Disaster Relief Act of 2020, that may have you volunteering to pick up the tab. The Act temporarily allows businesses to deduct 100% of restaurant meals and beverages that occur...
The US Treasury Department and the IRS issued Notice 2021-25 on April 8, 2021, providing guidance on tax relief for temporary deductions of 100% on food and beverage expenses for restaurants. Previously, eligible food and beverage expenses were normally only 50%...
The Shuttered Venue Operators Grant is available to businesses, nonprofits, and venues that have been hard-hit by the pandemic. The program includes over $16 billion in grants, administered by the SBA to eligible shuttered venues. The grant opens on April 8, 2021, and...
The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund (RRF) available for the SBA to award eligible businesses within the food and beverage industry, as a tax-free federal grant. The application to apply is not yet available but will...
On February 18, 2021, Governor Evers signed two bills, which provide additional tax relief by adopting federal tax law changes to improve Wisconsin tax laws. We've outlined the significant changes for 2020 Wisconsin Income Tax returns that business owners should be...
Employee Retention Credit: Here’s What You Need to Know For most business owners, 2020 wasn’t the best year due to shutdowns, operation limitations, retaining employees, and all that has come with the COVID-19 pandemic. Late last year, The Consolidated Appropriations...
The second stimulus bill provides a roughly $900 billion COVID-19 economic relief package, delivering long-overdue assistance to businesses and individuals. Within this package, they have allocated $284.5 billion for the second round of Paycheck Protection Program...
Sunday night, President Trump signed the stimulus bill, which is a roughly $900 billion COVID-19 economic relief package, delivering long-overdue assistance to businesses and individuals, in addition to funding the delivery of vaccines to the nation. The bill provides...
The SBA released a streamlined loan forgiveness application for PPP loans totaling $50,000 or less. With this two-page application, fewer calculations and less documentation are required, however, it’s recommended to retain those documents and calculations in the...
The Wisconsin Economic Development Corporation (WEDC) has released phase two of the We’re All In Grant. About $50 million has been set aside, which will award $5,000 grants to Wisconsin businesses. Most businesses are eligible if their business operated prior to...
On August 29, the U.S. Treasury released Notice 2020-65 in response to President Trump’s request to extend the September 1, through December 31, Social Security tax due date for the employee’s share. For more information, please visit https://rsm.us/2QKr9YM.
The Wisconsin Department of Workforce Development (DWD) announced that employers who laid off employees due to the Executive Order #72 public health emergency, may qualify for relief from unemployment insurance (UI) benefit charges. Per the DWD announcement, form...
The Wisconsin Department of Revenue (WI DOR) announced the federally funded Wisconsin Farm Support Program, is now accepting applications. The program will provide $50 million of relief to farmers, who suffered economic damages in 2020. The funds awarded will be sent...
Do I qualify for the SBA PPP EZ loan forgiveness application? In order to qualify for the Form 3508EZ loan forgiveness application, you must be able to confirm at least one of the three conditions below: Condition 1: The borrower is self-employed and had no employees...
SBA just released a new EZ version of the PPP loan forgiveness application, along with instructions. This revised application is due to the changes made by the PPP Flexibility Act. To see if you qualify for this EZ application see our blog post here. Both applications...