IRVINE, Calif., June 15, 2023 (GLOBE NEWSWIRE) -- Omega Accounting Solutions, an accounting and data firm that empowers small businesses to make informed decisions through powerful accounting solutions, announced today the launch of its ERC Filing Review service. The new program includes a comprehensive analysis of a company’s existing Employee Retention Credit (ERC) claim by Omega’s ERC specialists, reviewing the filing for compliance with IRS rules and identifying potential liabilities or errors. Once the analysis is completed, Omega’s team provides a thorough report outlining any inaccuracies or areas of concern in case of a future IRS ERC audit.
“We are rolling out the new ERC Filing Review service to give small businesses that have filed for the ERC peace of mind that they are fully compliant with all of the requirements of the tax incentive,” said Jay Woods, CEO & President, Omega. “ERC Review is a proactive step that companies can take to spot any red flags in the work done by their ERC processor to course correct and avoid any penalties in case of audit.”
Omega developed its ERC Filing Review service in response to the unfortunately high incidence of fraud that has been committed by pop-up processors or “ERC Mills.” Many of these companies didn’t delve deeply enough into their clients’ qualifications and may have overclaimed credit amounts or qualified companies that didn’t meet the criteria as outlined by the IRS. Though these issues may not be the fault of the companies themselves, the pervasiveness of these ERC scams has led the IRS to begin reaching out to businesses with unsubstantiated claims.
“Small businesses that worked with popup ERC providers generally don’t have the paperwork to back up their ERC claims, putting them at risk of audit, penalties and interest from the IRS,” said Sean Woods, Chief Financial Officer, Omega. “Having their claim reviewed is a great way to ensure that a company has the documentation they will need to satisfy the IRS and support their claim. Omega’s expert analysts dive deeply into each client’s ERC filing and confirm eligibility criteria, evidence and a timeline that coincides with the COVID government orders.”
The IRS recently extended the statute of limitations for ERC audits by two years, giving itself a total of five years to conduct audits on businesses that may lack proper documentation of eligibility. Businesses penalized for ERC fraud could face heavy interest rates on underpaid taxes and other penalties. An ERC Filing Review allows companies to have the experienced and trusted experts at Omega double-check their ERC claims, providing actionable insights to avoid any potential audit-related risks.
For further information, visit Omega Accounting Solutions or call (949) 348-2433.
ABOUT THE EMPLOYEE RETENTION CREDIT (ERC)
The Employee Retention Credit (ERC) is a government tax incentive passed during the pandemic as part of the CARES Act. This powerful, refundable tax credit for small and mid-sized businesses rewards employers who may have overpaid on payroll taxes during 2020 or 2021. Eligible employers may receive up to $26,000 per employee. Visit Omega Accounting Solutions for more information.
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 small businesses, 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.
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