For the latest news and updates on Wisconsin state and local tax

December 9, 2022

Wisconsin Deadline for Unclaimed Property Voluntary Disclosure Agreements is Rapidly Approaching

Authored by: Breea Boylan, MSA and Courtney Easterday, MSA

The Wisconsin Department of Revenue created a voluntary disclosure agreement program for holders of unclaimed property, including:

  • Individuals
  • Businesses
  • Organizations (Including Not-for-Profit Entities)
  • Governmental Units

Unclaimed property holders have until February 28, 2023 to initiate an agreement with the Department. The program will allow holders of unclaimed property, such as uncashed payroll checks and unclaimed refunds to escheat the unclaimed property to the state without penalties. Furthermore the program requires unclaimed property holders to:

  1. Make a bona fide effort to locate unclaimed property owners within 30 days of entering into the agreement for unclaimed property worth $50 or more;
  2. Continue to report and deliver unclaimed property for the next four annual reporting periods; and
  3. Electronically file unclaimed property reports and remit payment within 120 days of entering into the agreement.

More information can be found at the Wisconsin Tap Revenue Website.

If you have questions about whether your business has unclaimed property issues, please contact a member of the Withum SALT Team.

July 22, 2021

Tax Changes of Wisconsin Biennial Budget Bill

On July 8, 2021, Wisconsin Governor Tony Evers signed the 2021-2023 biennial budget bill. Below is a summary of tax changes included on the budget bill.
Corporate Income Tax

  • For tax years beginning on or after December 31, 2020, up to 15% (increased from 10%) of the Wisconsin research expense credit is refundable.

Personal income tax changes.

  • Effective for taxable years beginning after December 31, 2020, the personal income tax rate is reduced from 6.27% to 5.3% for taxpayers in the applicable tax brackets.
  • For taxable years beginning after December 31, 2021, a Wisconsin resident may claim as a credit against the personal income tax an amount equal to 50% of the federal child and dependent care tax credit claimed on his or her federal income tax return for the taxable year.
  • For tax years beginning on or after December 31, 2020, up to 15% (increased from 10%) of the Wisconsin research expense credit is refundable.

Partnership Tax

  • For taxable years beginning after December 31, 2020, partnerships, limited liability companies, and tax-option S corporations may elect to claim the jobs, enterprise zone, and business development tax credits at the entity level, if the credit results from a contract entered into with the Wisconsin Economic Development Corporation before December 22, 2017. If a partnership, limited liability company, or tax-option S corporation elects to claim the credit, the partners, members, and shareholders cannot claim the same credit.

March 23, 2021

Wisconsin Update on Extension of Filing Deadline

The Wisconsin Department of Revenue has announced that 2020 state individual income tax return filing and payment due dates are extended to May 17, 2021, in conformity with the federal income tax filing and payment due date automatic extension announced by the IRS on March 17. Wisconsin law provides for an extension of time and waiver of interest and penalties when the IRS extends filing deadlines during a presidentially-declared disaster. Individual taxpayers do not have to file any extension forms to be eligible for this new due date. No interest or penalties will accrue during the period of April 15, 2021 to May 17, 2021; interest and late filing fees will apply beginning May 18, 2021. No underpayment interest will apply for failure to make quarterly estimated individual income tax payments for the 2020 tax year. This relief does not extend to 2021 estimated tax payments for individuals, the first payment of which is due April 15, 2021. ( 2020 Wisconsin Individual Income Tax Return and Payment Deadline Extended to May 17, 2021, Wis. Dept. Rev., 03/19/2021 .)

April 1, 2020

Individual and Corporate Filing Deadline

The individual income and corporate tax return filing and payment deadline has been extended to July 15, 2020.

Disclaimer: Please note this is the information that is readily available at this time, it is subject to change so please consult your Withum tax advisor.

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The State and Local Tax (SALT) laws vary from state to state and are constantly changing. Reach out to Withum’s SALT Team for guidance on how to navigate your state’s local tax laws.