Omega Accounting Solutions Raises Awareness About ERC Tax Credit

IRVINE, Calif., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Omega Accounting Solutions, an accounting and data firm that empowers small businesses to make informed decisions through powerful accounting, has been a leader in helping small businesses obtain their Employee Retention Credit (ERC). With limited time available to file for the ERC (up to $26k per employee), Omega has revamped its public awareness efforts to reach as many small business owners as possible impacted by Covid-19. They turned to Barstool Sports, one of the most influential lifestyle and sports media companies in America. By partnering with Barstool, Omega hopes to reach a new audience of small business owners and spread awareness around the benefits of the ERC program.

“When the pandemic hit, Barstool Sports took a stand for small businesses, making a monumental impact,” said Jay Woods, Founder and President of Omega Accounting Solutions. “As a small business champion, we are on a mission to help owners across America qualify for this generous tax credit and aligning with Barstool Sports gives us a big megaphone to do exactly that.”

Omega will be running exclusive live ad reads through marquee integrations across dozens of Barstools’ programming, including One Bite Pizza and Sundae Conversations, and tent-pole events including Arizona Bowl and activations leading up to professional football's biggest game including The Dozen Live, Saguaro Scramble, and Mini Golf Open and more.

"Barstool Sports knows that small businesses are the backbone of our communities and that the pandemic continues to create ripples that put many of those businesses at risk," said Erika Ayers, CEO Barstool Sports. “Our partnership will amplify Omega Accounting Solutions’ efforts to educate and help small businesses access the Employee Retention Credit."

The ERC is a powerful tax credit passed during the pandemic by the federal government to aid small- and mid-sized businesses. It provides qualified businesses with a tax refund on previous overpayment of taxes during the crisis, allowing them to reinvest in their business, pay employees and keep their doors open.

“The ERC tax credit is three times the size of the $800 billion PPP fund or approximately $2.4 trillion,” said Woods. “And while billions of dollars in unclaimed aid is still available, many business owners are misinformed and do not know how to qualify. At Omega, we believe it is our duty to help them.”

After the worst of the pandemic, America’s small businesses still face labor shortages, skyrocketing costs and threats of a potential recession. A new survey commissioned by Omega reveals that small business owners and decision-makers remain gravely misinformed and lack facts about their ability to qualify or resources to handle the filing.

Survey results found that 81% of small businesses felt that they were at a disadvantage without adequate accounting or financial direction, while 31% of respondents said the tax or financial experts that they typically rely on for their tax needs haven’t been able to provide enough accurate ERC guidance. Omega analysts believe these findings indicate that small businesses are often underserved when it comes to tax credits.

ABOUT OMEGA ACCOUNTING SOLUTIONS
Omega Accounting Solutions is an accounting and data firm that empowers small businesses to make informed decisions through powerful accounting, advanced analytics and tax credit expertise. The Irvine, Calif., firm founded by Jay Woods in 2007 works with CFOs, controllers, accountants and software developers to collect, integrate, analyze and present essential data that allow for healthy corporate operation and growth. Omega’s tax credit division has specially trained teams to help businesses claim the Employee Retention Credit (ERC) and Research & Development tax credit. In 2022, Omega introduced a new funding division, Omega Funding Solutions (OFS), a third-party lender offering short-term bridge loans to those organizations anticipating ERC refunds. For further information, visit omega-accounting.com.