WISCONSIN WILL NOT TAX PPP

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.

“Taxpayers may exclude from income the following federal grants, forgivable loans, and subsidies, and deduct expenses paid with the funds if the expenses are otherwise deductible. Taxpayers should amend their Wisconsin returns if they have already filed and included these amounts in income. “