Taxation Archives - Fox, O'Neill & Shannon, S.C.

Wisconsin’s “Retailer’s Sales Tax Discount” Increasing

Recent changes to Wisconsin sales tax legislation have increased the discount related to a retailer’s timely reporting and payment of sales taxes due. Effective for…

FOSOctober 4, 2023

Jamie B. Barwin Taxation

CHILD TAX CREDIT

Starting last July 2021, many families may have noticed that they received direct deposit or were mailed advance Child Tax Credit (the “Credit”) payments from…

Jamie B. BarwinApril 19, 2022

Taxation

TAX RETURN AND PAYMENT DEADLINE EXTENDED

The IRS and the Wisconsin Department of Revenue have extended the due date for filing 2020 individual income tax returns from April 15, 2021 to…

FOSMarch 22, 2021

COVID-19 Taxation

WISCONSIN HAS NOT (YET?) FOLLOWED THE FEDERAL GOVERNMENT’S LEAD ON THE DEDUCTIBILITY OF PPP LOAN EXPENSES

One important provision of the Consolidated Appropriations Act enacted in December 2020 allows expenses paid with Paycheck Protection Program (“PPP”) loans to be fully deductible…

FOSJanuary 27, 2021

Taxation

IRS DELAYS 2021 TAX FILING SEASON’S OPENING DAY

Many taxpayers’ calendars have bold stars marked on the date when their tax returns are due. Unless anticipating a large refund, few know, and fewer…

FOSJanuary 18, 2021

Taxation

DON’T LOSE CHARITABLE INCOME TAX DEDUCTIONS AVAILABLE UNDER THE CARES ACT

As 2020 quickly moves towards the finish line, you may be making year end charitable contributions. If so, you should be aware that in response…

FOSNovember 24, 2020

Business FOS News Taxation

IRS RETROACTIVELY AUTHORIZES DEDUCTION FOR S CORPORATION AND PARTNERSHIP TAX PAYMENT AT ENTITY LEVEL

In December of 2018, Wisconsin enacted a provision designed to enable S corporations, partnerships (including LLC’s taxed as partnerships) and their owners to work around…

FOSNovember 12, 2020

Allan T. Young Taxation

SECURE ACT CREATES IRA ANXIETY

The SECURE Act, enacted in December as part of the federal government spending bill, contains major revisions to the retirement plan rules. Many changes are…

Allan T. YoungMarch 5, 2020

Robert J. Ollman, Jr.Taxation

New Law Aids Buyers’ Sales Tax Inquiries

Purchasing a business involves multiple steps and a tremendous amount of due diligence. One important aspect of due diligence is determining the purchaser’s successor liability…

Robert J. OllmanDecember 13, 2019

Allan T. Young Business Commercial Taxation

Pass-Through Tax Break For Wisconsin

The federal Tax Cut and Jobs Act caps an individual’s deduction for state income taxes and property taxes. The cap is $10,000. The change is…

Allan T. YoungMarch 12, 2019