As a result of legislation from December of 2020 and recent notice by the IRS, there are new rules for eligibility of the Employee Retention Credit (ERC).

The IRS has issued Rev. Proc. 2021-31 which provides annual updates to depreciation limitations for passenger automobiles.

$420 Million is now available through the Wisconsin Tomorrow Small Business Recovery Grant Program.

As a result of the most recent $1.9 Trillion relief package, the IRS will be issuing child tax credits in the form of monthly payments, expected to begin in July of 2021.

Under the Consolidated Appropriations Act, 2021, business expense deductions for Meals (normally limited to 50%) are temporarily allowed at 100% under specific rules.

The $16.25 billion Shuttered Venue Operators Grant (SVOG) program opened for the first time on Thursday and closed the same day for repairs.

Thursday, Rep. Lloyd Smucker, R.-Pa., announced that he is introducing a bill that would postpone the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021.

The IRS has said that it will take steps this spring and summer to automatically correct returns that were filed prior to the American Rescue Plan Act form.

Yesterday the U.S. Senate passed legislation that would extend the time businesses have to apply for a Paycheck Protection Program (PPP) loan to May 31st, 2021.

The SBA is working to launch the Restaurant Revitalization Fund (RRF) and has said funds could be available to restaurant owners as soon as the beginning of April.

Beginning the week of April 6th, 2021 Borrowers will be able to apply for the SBA’s Economic Injury Disaster Loan (EIDL) funding for up to 24 months of economic injury with a new maximum loan amount of $500,000.

Yesterday, the SBA issued guidance on the relationship between the Shuttered Venue Operations Grant (SVOG) and the Paycheck Protection Program (PPP).

Several news outlets have now confirmed that the filing deadline for 2020 will be extended by at least a month. The AICPA and other groups have been asking since February to have the date extended but the IRS insisted it would not extend the deadline until now.

This afternoon, The House of Representatives passed the $1.9 Trillion Relief Bill. The Bill is expected to be signed into law by Friday.

Saturday, the Senate approved a bill that would spend $1.9 Trillion on direct payments, jobless benefits, and state and local aid.

The Wisconsin Department of Revenue has made additional information available around the exclusion of grant income to business.

In the era of COVID-19, cybersecurity has reached a new level of necessity when it comes to protecting our businesses and personal livelihood. The effects of cyberattacks are real and far-reaching.

Today, the Biden Administration has announced several changes to the existing PPP Loan Program.

Yesterday, Governor Evers signed a bill that would allow the Wisconsin Department of Revenue to follow IRS ruling that allow for the exemption of forgiven PPP loans from taxation.

We have noted that in some 2nd round Paycheck Protection Program (PPP2) applications for partnerships filers, are needing to be updated due to the self-employment calculation for the partners amount to be used in the payroll calculation.

Late Friday, the SBA released forms for the application of the Second Round of Paycheck Protection Program (PPP2).

Late Yesterday Evening the SBA and Treasury released Interim Final Rules on the second draw Paycheck Protection Program (PPP) loan Program.

President Trump signed The Consolidated Appropriations Act, 2021 into law on Sunday without changes.

Late yesterday evening Congress passed a $900 billion Covid-19 Relief bill known as The Consolidated Appropriations Act, 2021. It contains much-anticipated provisions for both individuals and small businesses.

The bill passed by congress late Sunday evening may now not immediately become law. There are several provisions, mainly direct payments, that President Trump has indicated publicly he would like Congress to amend.