The latest iteration of a relief bill is expected to pass as soon as this weekend.

This week, lawmakers are scrambling to take short-term action to get the nation through the holidays. There has been bipartisan support for a $908 billion in emergency spending.

On Thursday, 564 trade associations led by the Association of General Contractors (AGC) asked Congress to pass legislation reversing a ruling made by the IRS, disallowing the deduction of expenses related to the forgiveness of Paycheck Protection Program Loans (PPP).

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800 from $137,700.

There has been some confusion as there is a 10/31 expiration date on PPP forgiveness forms. Forgiveness applications are NOT due on Oct 31st.

Beginning with tax year 2020, the Form 1099-NEC will be required to report all non-employee compensation for any business, regardless of size, that pays at least $600 for services performed in the course of their trade or business.

Andrew Dengel Brings more than 15 years of experience in the financial services industry. Over the years, he has held nearly all positions in retail banking in branches over Southeast Wisconsin and beyond.

The IRS has issued final regulations relating to the limitation on tax deductions for meals and entertainment expenses. The ruling is consistent with the preliminary guidance and understanding of the regulations and applies to expenses paid or incurred after December 31st, 2017.

The Treasury and the Small Business Administration have announced a simplified application for borrowers with loans amounts less than $50,000.

The Wisconsin Economic Development Corporation (WEDC) has announced they will provide a second round of “We’re All In” Small Business Grants to distribute an additional $50 million to small businesses hit hard by the COVID-19 pandemic.

For those that may have missed the September 15th filing deadline, relief may be available.

The IRS has issued notice that some forms may now be digitally signed rather than physically signed. These forms are still not available for e-file but will reduce the need for in person signing during this time.

One provision of the CARES Act was to waive this year’s requirement to take a Minimum Required Distribution (RMD) from an IRA, 401(k), or 403(b).

On Saturday, President Donald Trump signed a series of executive actions. The orders are expected to face immediate legal challenges as the power to pay for these items rests with Congress.

It has been several days since the expiration of the additional $600 Federal Unemployment Benefit and as of now it is anticipated that an agreement to re-instate the benefit at the $600 is likely by this Friday, August 7th.

The Wisconsin Department of Workforce Development (DWD) has announced that both contributory and reimbursing employers must use Form UCB-18823-E to request relief from charges of unemployment insurance (UI) benefits paid in connection with Executive Order 72 pertaining to the COVID-19 emergency.

There is a great deal of news surrounding proposals for additional small business relief currently being discussed in congress.

Through the release of and advance version of Rev. Proc. 2020-37, the IRS has announced the 2020 Depreciation Limits on Passenger Automobiles.

On Saturday, July 4th, 2020 President Donald Trump signed into law The Paycheck Protection Program Extension Act.

The U.S. Senate has passed an extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the close of the program.

The Small Business Administration is now accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses AND U.S. agricultural businesses.

The We’re All In Small Business Grant Program will provide $2,500 grants to 30,000 Wisconsin small businesses.

Businesses who opted to take advantage of the Payroll Protection Program (PPP) are NOT eligible for Employee Retention Credit. Those who have PPP funds may apply for the Sick and Family Leave Credit but will not have those wages forgiven.

Today President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief.

The Main Street Program is a Federal program to help Small to Mid-sized businesses as a third lending option, mainly targeted at those who cannot obtain other relief.