Significant provisions of a new federal law were not adopted into Wisconsin law and will affect the filing of 2020 Wisconsin income/franchise tax returns, the Wisconsin Department of Revenue (DOR) announced Friday, Jan. 15.
In the announcement, the DOR described important information tax preparers need to know about before filing 2020 Wisconsin income/franchise tax returns as a result of the federal Consolidated Appropriations Act, 2021.
The announcement includes important information about earned income tax credit, Paycheck Protection Program (PPP) expenses, subsequent PPP loans and more. See the full announcement here.