Page 4 - Rob Holcomb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Local chambers are asking the Minnesota legislature to make changes to Minnesota's tax code so it conforms to the federal law, in order to save small Minnesota businesses money in taxes. Minnesota's legislature, if it does nothing, will end up leaving Minnesota businesses 'on the hook' for the taxes on the PPP forgivable loans they received earlier in the year. The University of Minnesota Extension Office wrote about this issue back in December, I've included a portion of that article written by Rob Holcomb and Megan Roberts, as to how we got into the position of PPP being taxable in Minnesot...

December 28, 2020 After months and months of negotiations, Congress passed a new COVID-19 relief bill as part of a larger end-of-year federal appropriations bill. The bill, H.R. 133, known as the Consolidated Appropriations Act, 2021, was passed in a late-night legislative session on December 21, 2020. The president then signed the bill into law on December 28, 2020. The law notably changes the tax treatment of the Paycheck Protection Program (PPP) with just a few days left in the calendar year. Other parameters of the law of importance to farmers and other small business owners includ...