IRS Answers Questions about Taxability and Reporting of Coronavirus State and Local Fiscal Recovery Funds

Today the IRS provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). These funds give eligible state and local governments a substantial infusion of  resources to meet pandemic response needs.

 The answers are in FAQs (FS-2021-16) and detail the tax consequences for individual recipients and the reporting requirements for the states and local governments and employers, as applicable.

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