SANDRA BROWN to Speak at Upcoming Alvarez & Marsal Tax and Wolters Kluwer Virtual Coffee Talk
We are pleased to announce that Sandra Brown will be speaking at the upcoming Alvarez& Marsal Tax and Wolters Kluwer Virtual Coffee Talk webinar “Employee Retention Credits” Tuesday, October 31, 2023, 12:00 a.m. – 1:00 p.m. (EST).
The employee retention credit (ERC), enacted as part of the CARES Act, is a US federal tax credit that provides an incentive to employers who continued to employ individuals during the COVID-19 pandemic. Since its enactment, there have been questions as to whether a business qualified and how to interpret what qualified as a full or partial suspension of operations in order to be eligible for the credit. Companies engaged advisors – some of whom were diligent in determining a businesses’ eligibility – though others engaged advisors, whose business models created incentives to take aggressive positions on employee retention credit qualification that likely are not sustainable under audit. The IRS’s focus on fraudulent ERC claims has earned these transactions the #1 spot on the IRS’s annual Dirty Dozen list and has created opportunities for corrective action for those who may have not yet received the claimed credits and are concerned about the legitimacy of their ERC claims. This also puts increased pressure on acquirers in M&A transactions to ensure the appropriate level of diligence was performed, and if not, how buyers can contractually protect themselves in an M&A transaction.