Language:

Blogging Beyond the Numbers

Posted by: Mike Scholz 1 month 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 2 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 2 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 2 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 2 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...
Posted by: Kate Serpe 3 months ago
SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining recipients of the Paycheck Protection Program (PPP) along with the recipients of loans through the Economic Injury Disaster Loan (EIDL) program that were funded by the CARES Act.  In early July, the names, demographic information, and loan amount range of PPP recipients that had borrowe...
Posted by: Kent Collier 3 months ago
Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan forgiveness would be excluded from gross income, thus creating an exemption for PPP loan forgiveness. Sounds good…so far. In May 2020, the IRS released Notice 2020-32. The IRS...
Posted by: Kate Serpe 5 months ago
While the blitz of new PPP information has slowed substantially over the past few months, there has been some important new guidance released over this past week. Here are some highlights. Changes in Ownership for PPP Borrowers An SBA Procedural Notice was issued on Friday, October 2nd regarding changes in ownership for PPP loan recipients.  Per the notice, a change in ownership takes place when at...