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Effect of New Federal Law on 2020 Wisconsin Tax Returns

The Wisconsin Department of Revenue recently published a bulletin describing the effect of new federal law changes on 2020 Wisconsin tax returns.     The federal Consolidated Appropriations Act, 2021 (Public Law 116-260) was enacted on December 27, 2020. The...

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PPP: Second Draw Loan and Revised Borrower Application

The SBA has recently released a top-line overview describing the criteria for those who may qualify for a second draw of Paycheck Protection Program (PPP) loans as well as the application form for the second draw loan and a revised application for new borrowers. Click...

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Guidance Released Regarding PPP Loans

The U.S. Small Business Administration (SBA) and Treasury have issued two interim final rules (IFR’s) regarding the Paycheck Protection Program (PPP).  Below are links to the IFR’s and descriptions for the content included therein.  We will provide updates and...

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IRS Introduces the New Form 1099-NEC

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It's a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for the...

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IRS Issues Standard Mileage Rates for 2021

The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use...

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