Employee Retention Credit qualification for asset purchase closed in 2021

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by a searcher from Northwestern University - Kellogg School of Management
in Chicago, IL, USA

3yrs ago

Employee Retention Credit qualification for asset purchase closed in 2021

Hi all, I closed an asset purchase in FebruaryredactedI've gotten mixed guidance on eligibility for the ERC. Specifically, for qualification purposes, can I compare quarterly revenues across the different entities (distinct FEINs)?

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reply by an intermediary 3yrs ago
from University of Toronto in Toronto, ON, Canada

Hi Kevin, the parameters can be very nuanced which is why you are getting conflicting answers. The law is over 200 pages long. There are CPA's and lawyers who won't touch it because of how complicated it can be when it comes to proving what quarters qualify, and if there are multiple entities. You want to get the largest credit possible, but also not get it wrong and subject to getting clawed back under audit later. I could get you a definitive answer if you haveredactedmins to chat. My email is redacted Or call meredacted.

reply by a searcher 3yrs ago
from Northwestern University in Chicago, IL, USA

Thanks Mike, I appreciate the referral!