Employee Retention Credit qualification for asset purchase closed in 2021

searcher profile

November 04, 2022

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

Hi all, I closed an asset purchase in February###-###-#### I'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
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 have###-###-#### mins to chat. My email is redacted Or call me###-###-#### .
commentor profile
Reply by an intermediary
from The University of Chicago in Chicago, IL, USA
I have used Laura Johns###-###-#### She knows details more than many I talked to.
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+1 more reply.
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