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

caj

Level 1

Forum|Forum|5 years ago

March 10, 2021

Question

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

Forum|Forum|5 years ago
March 10, 2021
1 reply
6 views

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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1 reply

qbteachmt

Level 15

Forum|Forum|5 years ago

March 10, 2021

Yes, it's taxable:

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

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