caj
Level 1
03-10-2021
10:40 AM
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WI Business Grants due to COVID-19, are they taxable for Federal purposes? I found where the state has declared them not taxable but I cannot find any federal regulations for these State of WI Business Grants my clients received. Are they taxable for Federal purposes on the 1120-S?
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qbteachmt
Level 15
03-10-2021
10:50 AM
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Yes, it's taxable:
https://www.irs.gov/newsroom/cares-act-coronavirus-relief-fund-frequently-asked-questions
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"Level Up" is a gaming function, not a real life function.
