DAB Constructors Inc., through its bankruptcy trustee, is seeking $3.96 million in Covid-19-era employee retention credits that it said remain “unchallenged and unpaid” by the IRS.
The program grants tax credits to companies which continued to employ workers despite economic hardship in the wake of the Covid-19 pandemic, and was initially passed as a part of the Coronavirus Aid, Relief, and Economic Security Act and extended into 2021. One part of the program, contained in IRC Section 3134, allowed companies to qualify for the tax break by showing a gross drop in receipts quarter-by-quarter compared to prepandemic data.
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