10Dec
IRS issues new FAQs on the interaction between the employee retention tax credit and PPP loans in M&A transactions
On November 17, 2020, the U.S. Internal Revenue Service (“IRS”) posted new FAQs providing that an acquisition of the stock or assets of a company that has received a loan under the Paycheck Protection Program (the “PPP”) generally will not cause the acquirer and members of its aggregated employer group (as defined below) to jeopardize their employee retention tax credits (“ERTCs”). While the FAQs expressly provide that they cannot be relied upon by taxpayers, and could be withdrawn at any time,...
By:
Proskauer - Tax Talks
Related
In This Issue. The U.S. House of Representatives voted to approve the SAFE Banking Act, which would ...
Read More >
In 2017, Mid-America Apartment Communities Executive Vice President and General Counsel Rob Del Prio...
Read More >
TLS Dubai’s Iustina Alban jumped on a Zoom call with Paula Boast from Charles Russell Speechlys Bah...
Read More >
On January 12, 2021, the Government of Ontario (Government) declared a second state of emergency sin...
Read More >
Should We Take Additional Precautions? If so, What Proactive Steps Can We Take To Keep Our Workplac...
Read More >
Key Takeaways - On May 19, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign...
Read More >