PPP Loans Currently Forgiven Could be Taxable Income in 2020 for Wisconsin Businesses
The PPP loan forgiveness process will currently lead to taxable income for Wisconsin businesses. If Wisconsin doesn’t pass new legislation to accept the federal deductibility rules for PPP, most Wisconsin businesses won’t be able to deduct certain expenses from their state taxable income in 2020, effectively increasing their tax liability. Without action, the PPP loan… Continue Reading PPP Loans Currently Forgiven Could be Taxable Income in 2020 for Wisconsin Businesses