If you live in Wisconsin, one of the surprises from the last week or so is how the state is planning to treat the PPP loan forgiveness. We thought initially that it would not change taxable income, but it appears that it will. This episode provides an overview of how both Minnesota and Wisconsin will treat the taxability of PPP loan forgivable expenses.
Transitioning Business Ownership: Tax-Smart Gift Strategies
Many business owners are looking to transition their business to the next generation. Gifting shares in the business stock is one way to do this and now is an opportune time to start planning. A...