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...
For purposes of the employer shared responsibility provisions, a full-time employee is, for a calendar month, an employee employed on average at least 30 hours of service per week or 130 hours of service per month. There are two methods for determining full-time employee status: The monthly...
Per the American Rescue Plan Act, a business that opened its doors during the pandemic can receive the credit. Your startup may be eligible if you meet the following criteria. 1. You started your business on or after February 15, 2020. 2. Your annual gross receipts don’t...
Tribal Entity means any entity created and owned by the Tribe for economic or governmental purposes and any entity which is controlled by the Board of Directors. For purposes of this Chapter, an entity shall be deemed to be controlled by the Board of Directors...
When seeking government information, it is important for you to be able to distinguish between federal, state, and local government bodies. The situation is more complex than it might otherwise seem because of the U.S. system of federalism. The concept of federalism is complicated, but...
