Eligible Paycheck Protection Program expense deductibility update

The Treasury Department and the Internal Revenue Service issued updated guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Click on the links below for more info.

IRS News Release 2021-04

IRS Revenue Ruling 2021-02 PDF File

July 2014 W. Virginia Wine Country

Employee Retention Credit

The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. Click the links below for more info.

IRS News Release 2021-21

IRS Covid-19 Related Employee Retention Credits FAQs

IRS Form 7200 – Advance payment of Employer Credits Due to Covid-19

July 2014 W. Virginia B&B Backroad