Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you must report the details to the IRS. The tax agency may then compare what both parties report to ensure they match.
Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a deal is done, it may be too late to get the best tax results.
Do you have a business that received a PPP loan and now you are considering a change in ownership, like a sale, purchase of a competitor or even adding a new partner? There are several different things that need to be considered before any transaction in order to preserve your ability to get PPP loan forgiveness. Here are the questions you should be asking before you sign on the dotted line.