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How Interest Rates Affect Middle Market BusinessesA Catalyst for Increased ActivityTax Risks in M&A TransactionsRecent studies indicate that the most common claims buyers make against sellers for violations of sellers' representations and warranties in M&A purchase agreements relate to tax matters. In reality, there is never just a buyer and a seller in an M&A transaction. Both sides share a silent partner, the taxman. Actually, they both have a "taxman" because Uncle Sam is not the only "silent partner" owed a cut of the target company's profits. State and local authorities, often multiple of each, have a seat at that table.