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IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers
The Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for...
New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
Employers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs....
2021 Wisconsin Acts 1 & 2
Gov. Tony Evers today signed Assembly Bill 2, now 2021 Wisconsin Act 1, providing approximately $450 million in tax relief to Wisconsin businesses and $30 million more in tax relief to low-income families by adopting federal changes to align state tax law. Most...
New IRS Form Available For Self-Employed Individuals To Claim COVID-19 Sick And Family Leave Tax Credits Under FFCRA
The Internal Revenue Service announced that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Eligible self-employed individuals will determine their...
Educators Can Now Deduct Out-of-Pocket Expenses for COVID-19 Protective Items
Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;...
IRS Updates FAQs On Paid Sick Leave Credit and Family Leave Credit
The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at: COVID-19-Related Tax...
Second Draw Paycheck Protection Program Loan – Updated Guidance
The Small Business Administration (SBA) recently released updated guidance to assist businesses in calculating their eligibility for a Second Draw PPP Loan. Borrowers and lenders may rely on the guidance provided in the below document as SBA’s interpretation of the...
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...
Employee Retention Credit Amended and Extended – Take A Second Look to See If You Qualify
The employee retention credit was created as part of the CARES Act on March 27, 2020. The recent Consolidated Appropriations Act, 2021, which was enacted on December 27, 2020 amended and extended the credit. Below is a summary of the eligibility and qualifications...
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...