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WI Business Grants due to COVID-19, are they taxable for Federal purposes?

caj
Level 1

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

Yes, it's taxable:

https://www.irs.gov/newsroom/cares-act-coronavirus-relief-fund-frequently-asked-questions

 

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