With COVID 19 presenting continued risk to public health, maintaining good workplace hygiene remains a top priority for employers to ensure the health and safety of their workforce and of anyone visiting their premises, and in helping to prevent the spread of the virus. By...
The COVID-19 pandemic has altered the business world in unprecedented and historic ways, the effects of which have been felt the world over. In the short-term, organizations have generally engaged in empathic pro-employee responses, and many have radically altered how and where employees work. The COVID-19...
The pandemic has forced the adoption of new ways of working. Organizations must re-imagine their work and the role of offices in creating safe, productive, and enjoyable jobs and lives for employees. COVID-19 has brought unprecedented human and humanitarian challenges. Many companies around the world have...
NAICS stands for "North American Industry Classification System." NAICS was developed in 1997 to replace the Standard Industrial Classification (SIC) system that had been in use since 1937. NAICS codes are used to classify businesses by type, so that data for businesses in North America (i.e.,...
Thanks for considering Occams Advisory for your Employee Retention Tax Credit. This form helps us determine your business's eligibility for a refund. This is a multi-step form that you can save at any time. The average time to fill out this form is around 10...
Gross revenue is the total amount of sales recognized for a reporting period, prior to any deductions. This figure indicates the ability of a business to sell goods and services, but not its ability to generate a profit. Deductions from gross revenue include sales discounts...
Gross receipts include the total amounts your business or organization receives from all sources during its annual accounting period without subtracting expenses or other deductible items. Basically, gross receipts are the total amount of revenue your business collects during the year.
The most straightforward way to qualify for the Employee Retention Credit is from a qualified revenue reduction during the qualification period of the program. Revenue reduction qualifications: 2020 - 50% reduction of gross sales for the 2020 quarter as compared to the same quarter in 2019. When/if...
One element that can qualify a taxpayer for the Employee Retention Credit (“ERC”) is to experience a full or partial suspension of business operations due to a governmental order. Some situations are clear cut while others are in a gray zone. Facts and circumstances need to...
A supply chain disruption is any event that causes a disruption in the production, sale, or distribution of products. Supply chain disruptions can include events such as natural disasters, regional conflicts, and pandemics. Three Ways to Manage Disruption in the Supply Chain: 1. Be aware of different kinds...
