IRVINE, Calif., July 11, 2023 (GLOBE NEWSWIRE) -- Omega Accounting Solutions, an accounting and data firm that empowers small businesses to make informed business decisions through powerful accounting, has partnered with OneOC, a non-profit organization committed to accelerating non-profit success through volunteer, training, consulting and business services. Through education and awareness, the partnership has resulted in millions of ERC Tax Credits being refunded to Orange County non-profits.
“OneOC is a trusted partner in the community, dedicated to strengthening relationships and experiences,” said Tim Strauch, CEO and President of OneOC. “When we learned about the massive opportunity to help put significant money back into the pockets of local non-profits and help them meet community needs, we turned to our partner Omega Accounting Solutions to launch an education and awareness campaign. Our efforts have been hugely successful enabling non-profits to recoup millions in ERC Tax Credits.”
The financial aid program, passed by Congress as part of the 2020 CARES Act, was created to support any employers that paid payroll taxes during the COVID-19 pandemic, keeping employees working during the crisis. This includes private hospitals, museums, churches, private schools and universities, credit unions and more.
“The ERC is a powerful tax credit and there are still millions of unclaimed dollars available for businesses impacted by the pandemic,” said Jay Woods, founder and president of Omega Accounting Solutions. “As a champion of small business, including nonprofit organizations, we believe it is our duty to help spread the word about the ERC. OneOC’s influence and commitment to our community’s non-profit sector has been highly influential in allowing us to educate and inform non-profits and help them secure the refunds they deserve.”
Avoiding ERC Scams
Unfortunately, while the ERC has provided a financial lifeline to millions of small businesses across the U.S., the IRS and tax professionals have had to issue multiple warnings about abuse of the program by companies posing as legitimate ERC preparers.
Signs of a company that may not have your business’ best interests at heart include:
- They are a popup business, only establishing themselves to take advantage of the ERC boom.
- They tell you that you qualify before they’ve reviewed any of your paperwork or how you handled COVID mandates.
- Claiming fraudulent credit on your behalf.
- Falsifying data to increase your refund amount.
- Promising huge refunds.
To avoid these types of issues with a potential provider, it is recommended that small business employers look for a seasoned and well-established company that is respected in the community to ask for confirmation of the evidence for their ERC eligibility. You should also require a clear explanation of the services provided and have them explain how they get paid and the method of payment. Additionally, look for testimonials and other social proof from prior customers of the provider that demonstrate their legitimacy and effectiveness.
Omega’s Answer to Scams
In response to the misconduct at these ERC Mills, Omega introduced a new service earlier this year called ERC Filing Review, specifically to help companies that may have fallen prey to underhanded tactics or to confirm the validity of the claim filed by another provider. The program includes a comprehensive analysis of a company’s ERC claim by Omega’s specialists for compliance with IRS rules and to identify any potential liabilities or errors. The intent of the program is to provide employers with peace of mind that they meet all of the requirements for the tax incentive. Omega’s team even provides a thorough report outlining any inaccuracies or areas of concern in case of a future IRS audit.
“Small businesses that filed their ERC with popup 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. “Omega’s professional team of claims veterans carefully evaluates ERC claims to ensure that a company has the documentation they will need to satisfy the IRS and support their claim, diving deeply into the client’s filing to confirm eligibility criteria, evidence and a timeline that coincides with the COVID government orders.”
For more information about qualifying for the ERC and to receive a free evaluation from Omega Accounting Solutions, visit https://omega-accounting.com/.
ABOUT THE EMPLOYEE RETENTION CREDIT (ERC)
The Employee Retention Credit (ERC) is a government tax incentive passed during the COVID-19 pandemic as part of the CARES Act. This powerful, refundable tax credit for small and mid-sized businesses rewards employers who may have overpaid 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 empower 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.
ABOUT ONEOC
OneOC is a nonprofit 501c3 organization committed to accelerating nonprofit success through volunteer, training, consulting and business services. Serving Orange County, California, OneOC provides support and solutions to more than 750 nonprofit organizations and community initiatives each year. In 2015, OneOC launched its Center for Business and Community Partnerships, a one-stop shop that provides smart, easy and impactful giving and volunteering services to companies. OneOC is affiliated with Points of Lights Institute, enabling participation in national community service initiatives and connection to a larger movement of change. For more information, visit www.OneOC.org.
Media Contact: Sabrina Suarez (714) 573-0899 ext. 227
sabrina@echomediateam.com
