Wisconsin DOR Issues FAQ on Income Taxability of Small Business Grants

April 8, 2021, 5:00 AM

The Wisconsin Department of Revenue April 6 issued a frequently asked question (FAQ) on the taxability of payments from the We’re All In Small Business Grant Phase 2 program for corporate income, individual income, and trust income tax purposes. The FAQ answer provides that the grant is included in federal income pursuant to the Internal Revenue Code unless an exemption applies. For Wisconsin, that income should be excluded from federal adjusted gross income by making a subtraction modification on the appropriate line of the tax return. Expenses paid for with program funds and deducted in the computation of federal adjusted...

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