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Blogging Beyond the Numbers

Posted by: Julie Forrest 3 hours ago
Do you have a family member or know a child with disabilities?  If you do, then you know the daily challenges these families face.  At Wegner CPAs, we have a division called FW Consulting - DHFS that serves as a Fiscal Agent for families and care providers.   The FW Consulting - DHFS fiscal agent program provides administrative services for the Wisconsin CLTS (Children’s Long-Term Suppo...
Posted by: Kate Serpe 2 months ago
On February 22nd, the Biden administration announced that PPP loans would be made exclusively available to employers with less than 20 employees beginning February 24th through Tuesday, March 9th.  This was done to ensure that the smallest of businesses in need of funding would have enhanced access to lenders for a predetermined amount of time.  As of today, the current deadline to apply for a PPP2 first...
Posted by: Kate Serpe 2 months ago
On Wednesday, March 3rd, the SBA and Treasury released a new Interim Final Ruling (IFR) that details previous guidance announced by the Biden administration related to Schedule C filers and the calculation of their maximum PPP2 first draw or second draw loan.  The new guidance allows Schedule C filers to use either gross income or net profit when calculating an amount for owner compensation replacemen...
Posted by: Mike Scholz 3 months ago
The Wisconsin Department of Revenue recently announced on the WDR website a note to taxpayers regarding the Wisconsin-federal differences related to the treatment of expenses paid with PPP loan funds. It’s not good news. The federal Consolidated Appropriations Act, 2021 (the Act, signed into law December 27, 2020) provided welcome news to business. The Act provided that expenses paid with forgivable ...
Posted by: Kate Serpe 4 months ago
Are you currently banking with a Community Financial Institution (CFI)?  If so, you may be able to apply for a PPP2 first draw loan as early as today!  The SBA has re-opened the PPP loan portal to these smallest lenders to help businesses that are looking to apply for a PPP loan for the first time starting today.  If you are looking for a second draw loan and work with a CFI, the portal will...
Posted by: Whitney Mauger 4 months ago
With the President's signature enacting into the law the $900 billion COVID-19 relief bill, certain business meals will now be 100% deductible. This full deduction applies to the cost of food or beverages provided by a restaurant and paid or incurred in 2021 and 2022.    The only change to the code was this new exception to the 50% rule.  All other areas of Sec. 2...
Posted by: Kent Collier 4 months ago
Many of you have read our recent blog regarding the position taken by the IRS on the deductibility of PPP covered expenses. In IRS Revenue Ruling 2020-27 issued in the fall, the IRS indicated that those covered expenses typically would not be deductible. However, the recently signed COVID-19 Relief Act overrides that Revenue Ruling and provides that the expenses are deductible even though the loan proceeds...
Posted by: Kate Serpe 4 months ago
On December 27, 2020, the Consolidated Appropriations Act was signed into law.  This new bill included a $900 billion stimulus package that allocated an additional $284.5 billion to the Paycheck Protection Program (PPP).  Highlights of this new round of PPP funding and new guidance include: Expenses related to the PPP loan and forgiveness are tax deductible.$35 billion is available for firs...