IRVINE, Calif., July 19, 2022 (GLOBE NEWSWIRE) -- As Employee Retention Credit (ERC) processors are popping up across the financial services market and the IRS is finding a 10% fraud rate with PPP loans, Omega Accounting Solutions releases its guide for small business owners who are looking to protect themselves from fraudulent tax consulting firm practices.
“Our mission is to serve small businesses,” said Jay Woods, founder of Omega Accounting Solutions. “Small business owners are creative and entrepreneurial, but they need financial advisory help. Our focus is to use accounting as a tool to drive empowered decision making.”
Rather than a traditional model, Omega is disrupting the industry by flipping the dated accounting model of “who you know” on its head and employing people from diverse backgrounds and skill sets to manage the process more holistically. Omega helps small business owners navigate the complexities of the accounting process, particularly for the immense opportunities around the ERC.
Small businesses are running out of time to collect vital ERC funds, but not all financial partners are created equally. Jay Woods has put together the top five questions small businesses should ask themselves before selecting their tax credit consulting firm:
- Is the company established with documented processes, rather than a pop-up shop?
- Does the company have experience with ERC credits and understand the complexities?
- Does the company have a thorough qualification process that adheres to quality control, limits risk, is efficient and methodical, and doesn’t put all the risk on the client?
- Is the company able to demonstrate a proven record of success?
- Does the company charge outrageous fees upfront that will eat up the credit or an excessive contingent fee model that makes companies justify their work (which can easily be abused)?
“The IRS will be auditing these providers and looking at the standards being used for qualification,” said Woods. “A provider on the lighter side will be more likely to be selected for an audit versus a group that’s putting together a more rounded and comprehensive qualification. We’re not going to automatically accept all applicants; we advocate for small business owners and want to ensure that our customers truly qualify. We want to get things done in a timely manner but don’t sacrifice quality control. We don’t just pass clients through; we follow through the entire process.”
For more information, visit http://erc.omega-accounting.com/pickinganercpartner.
About Omega Accounting Solutions
Omega Accounting Solutions is an accounting and data firm that empowers small businesses to make informed business decisions through the production of accurate and timely books that yield honest, insightful, actionable reports. The Irvine, Calif., firm founded by Jay Woods works with CFOs, controllers, accountants and software developers to collect, integrate, analyze and present essential data that allow for healthy corporate operation and growth. In 2016, Omega launched a Business Intelligence Division to provide firms with customized programs, KPIs and continuously refreshed dashboards that allow them to connect data silos and take advantage of real-time opportunities in the marketplace. The company launched its government tax credit category in 2020. For further information, visit http://erc.omega-accounting.com/pickinganercpartner.
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A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d7c3d5c6-3330-406a-aa4c-8fb234356108
