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Emerging Tax and Regulations Alert


January 19, 2021

Tax Filing Season Changes

On Friday, January 15th, the IRS announced that the 2021 tax filing season will start on Friday, February 12, 2021. Other key individual filing season dates are as follows:

First week of March: Tax refunds begin reaching those claiming Earned Income Tax Credit and Additional Child Tax Credit for those who electronically file with direct deposit.

April 15th: Deadline for filing 2020 tax returns.

October 15th: Deadline to file for those requesting an extension on their 2020 tax returns.

Wisconsin Updates

The State of Wisconsin Department of Revenue released “Important Information About Effect of New Federal Law on 2020 Wisconsin Tax Returns”. This article provides some major Federal/Wisconsin differences for 2020 income tax reporting, summarized as follows:

PPP Expenses – Expenses incurred that are paid with the forgivable PPP funds are not deductible for Wisconsin income/franchise tax purposes. Wisconsin follows the interpretation of Rev Ruling 2020-27.

EIC – Federally, taxpayers can use their 2020 or 2019 earned income in this calculation. For Wisconsin purposes, taxpayers must use their 2020 income to compute Wisconsin EIC.

EIDL Grants – Federally, emergency EIDL grants are excluded from gross income. Taxpayers must include the grants in Wisconsin gross income.

Read more


December 22, 2020

COVID-19 UPDATE - COVID-related Tax Relief Act of 2020 (COVIDTRA)

Both the House and Senate approved the COVID-related Tax Relief Act of 2020 (COVIDTRA) late last night, a 5,593-page bill that is expected to be signed by the President. Below is a very high-level summary of some of the key provisions, including new recovery rebates and clarification on PPP forgiveness.

Recovery Rebates:

  1. $600 per taxpayer ($1,200 MFJ)
  2. $600 per qualifying child
  3. Phaseout starting at $75,000 AGI ($150,000 MFJ)
  4. Credit available on 2020 returns
  5. Advance payments to be issued based on 2019 return information
  6. If taxpayer receives advance payment that exceeds the amount of their eligible credit (based on 2020 filing), they will NOT be required to repay
  7. If the 2020 credit exceeds their advance payment, they will receive a refundable credit on 2020 filing

$250 Educator Expense applies to PPE:

  1. Personal protective equipment
  2. Disinfectant
  3. Other supplies

Tax treatment of PPP covered loan forgiveness:

  1. COVIDTRA provides that taxpayers whose PPP loans are forgiven ARE allowed deductions for otherwise deductible expenses paid with proceeds of a PPP loan. This provision reverses the most recent IRS position on this matter noted in Revenue Ruling 2020-27.
  2. The tax basis and other attributes of the borrower’s assets will NOT be reduced as a result of the loan forgiveness

EIDL Forgiveness:

  1. Gross income does NOT include forgiveness of EIDL loans and emergency EIDL loans
  2. Deductions are allowed for otherwise deductible expenses paid with these amounts
  3. Tax basis and other attributes will not be reduced

July 6, 2020

COVID-19 UPDATE - Paycheck Protection Program Extension Act

President Trump signed a bill re-opening the application window for the Paycheck Protection Program (PPP). It extends the deadline for small businesses to apply for a PPP loan until August 8, 2020. The PPP has approximately $129 billion in funding remaining as of the re-opening of the program. More than 4.7 million forgivable loans totaling $518 billion were given out through the administration’s program as of June 27. Information on application and loan forgiveness criteria can be found at the https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.


June 5, 2020

COVID-19 UPDATE - Paycheck Protection Program Flexibility Act

President Trump signed the PPP reform bill into law on June 5, 2020. The Paycheck Protection Program Flexibility Act eases restrictions on how PPP loans must be spent in order to be forgiven, giving small businesses more flexibility. View the full bill here.

Read a Summary of Paycheck Protection Program Flexibility Act below based on information we currently have available. 

Click to View


May 20, 2020

COVID-19 UPDATE - Paycheck Protection Program

The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application. Borrowers requesting forgiveness will be required to provide their lenders with the completed application and applicable documentation. The accompanying instructions provide additional guidance including key term definitions, required documentation, and step-by-step instructions for calculations.

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April 1, 2020

COVID-19 UPDATE - Financial Assistance for Small Business

The recent relief packages signed by President Trump provided the following financial assistance for small business: Emergency Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP), both offered through the Small Business Administration (SBA). Please reference the summary below regarding the loans available. This is the information we have currently available, however, it is subject to change by the SBA.

Click to View


March 30, 2020

COVID-19 UPDATE - CARES Act

On March 27, 2020, President Trump signed into law a third coronavirus package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Here is a summary of the tax relief provisions that are contained in the Act.

Click to View


March 24, 2020

COVID-19 UPDATE - Wisconsin issues "Safer At Home" Order

On Tuesday, March 24, 2020, Governor Evers issued a Safer At Home Order requiring individuals across the State of Wisconsin to stay at home starting at 8 am on Wednesday, March 25, 2020 in an effort to combat the COVID-19 pandemic. It will remain in effect until 8 am on Friday, April 24, 2020, unless rescinded or modified. View the full order below. Unsure whether your business qualifies as an "essential business or operation"? Visit the Wisconsin Economic Development Corporation for more information or to request a designation using the form provided at www.wedc.org/essentialbusiness.

Click to View



April 1, 2020

COVID-19 UPDATE - Financial Assistance for Small Business

The recent relief packages signed by President Trump provided the following financial assistance for small business: Emergency Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP), both offered through the Small Business Administration (SBA). Please reference the summary below regarding the loans available. This is the information we have currently available, however, it is subject to change by the SBA.

Click to View


March 30, 2020

COVID-19 UPDATE - CARES Act

On March 27, 2020, President Trump signed into law a third coronavirus package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Here is a summary of the tax relief provisions that are contained in the Act.

Click to View


March 24, 2020

COVID-19 UPDATE - Wisconsin issues "Safer At Home" Order

On Tuesday, March 24, 2020, Governor Evers issued a Safer At Home Order requiring individuals across the State of Wisconsin to stay at home starting at 8 am on Wednesday, March 25, 2020 in an effort to combat the COVID-19 pandemic. It will remain in effect until 8 am on Friday, April 24, 2020, unless rescinded or modified. View the full order below. Unsure whether your business qualifies as an "essential business or operation"? Visit the Wisconsin Economic Development Corporation for more information or to request a designation using the form provided at www.wedc.org/essentialbusiness.

Click to View


March 21, 2020

COVID-19 UPDATE - Wisconsin Extends Tax Deadline

Like the IRS, Wisconsin has extended the tax filing deadline to July 15, 2020. Wisconsin law will automatically extend time and waive interest and penalties for taxpayers due to a presidentially declared disaster.    
  • Tax filers do not have to file any extension forms to be eligible for this new due date.
  • There is no limit on the amount of payment to be postponed, and there are no income exclusions.
  • This applies to individuals, trusts, estates, partnerships, associations, companies or corporations.
  • This relief is solely for income tax payments, estimated income tax payments and returns due April 15, 2020.
  • There will be no interest or penalty for the period of April 15, 2020 to July 15, 2020.
  • Interest, penalties, and underpayment interest for failure to make quarterly estimated tax payments with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020.


March 20, 2020

COVID-19 UPDATE - Families First Coronavirus Response Act

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (the Act) intended to lessen the economic burden created by the Coronavirus pandemic.  The Act provides mandated paid sick and leave time for employees in addition to tax credits for employers to mitigate the cost of these required benefits. 
Download a summary of the Act for both employees and employers.

Click to View


March 20, 2020

COVID-19 UPDATE Tax Filing Deadline Extended

The Treasury and Internal Revenue Service have extended the April 15, 2020 filing deadline by 90 days to July 15, 2020. We’re waiting on the IRS to release details and the specific guidance, and we will share that as soon as it is available. We will provide updates on states that are adopting this as information becomes available. At the time of this publication, Wisconsin (and other states) have not formally adopted the federal extension. 


January 9, 2018

2017 Tax Reform: Tax Cuts and Jobs Act

Tax Alert

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December 21, 2017

2017 Tax Reform: Client Letter on last-minute year-end moves in light of Tax Cuts and Jobs Act

Tax Alert

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December 4, 2017

House and Senate Tax Bills Head to Reconciliation

Tax Alert

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