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Omega accounting solutions

Employee retention credit companies are popping up quickly, offering ERC services and support. But not all ERC financial partners are created equal… As the IRS conducts fraud audits, there are important guidelines small businesses should follow when selecting their consulting firm tax. Our CEO and Founder, Jay Woods, discusses the key questions companies should ask themselves when choosing an ERC partner.

IRVINE, Calif., July 19. Aug. 1, 2022 (GLOBE NEWSWIRE) — As Employee Retention Credit (ERC) processors emerge in the financial services market and the IRS finds a 10% fraud rate with PPP loans, Omega Accounting Solutions releases its guide for small business owners looking to protect themselves against the fraudulent practices of tax advice firms.

“Our mission is to serve small businesses,” said Jay Woods, founder of Omega Accounting Solutions. “Small business owners are creative and enterprising, but they need help with financial advice. Our goal is to use accounting as a tool to foster autonomous decision-making. »

Rather than a traditional model, Omega is disrupting the industry by flipping the dated “who you know” accounting model and employing people with diverse backgrounds and skills to manage the process more holistically. Omega helps small business owners navigate the complexities of the accounting process, especially for the immense opportunities around ERC.

Small businesses lack the time to raise vital ERC funds, but not all funding partners are created equal. Jay Woods has rounded up the top five questions small businesses should ask themselves before choosing their tax credit consulting firm:

  • Is the business established with documented processes, rather than a pop-up store?

  • Does the company have experience with ERC credits and understand the complexities?

  • Does the company have a thorough qualification process that respects quality control, limits risks, is efficient and methodical and does not put all the risks on the client?

  • Is the company able to demonstrate that it has a proven track record?

  • Is the company charging exorbitant fees up front that will eat away credit or an excessive contingent fee model that requires companies to justify their work (which can easily be abused)?

“The IRS will audit these vendors and review the standards used for qualification,” Woods said. “A leaner supplier will be more likely to be selected for an audit compared to a group that implements a fuller, more comprehensive qualification. We will not automatically accept all applicants; we stand up for small business owners and want to make sure our customers really qualify. We want things done in a timely manner, but don’t sacrifice quality control. We don’t just pass customers on; we follow the whole process.

For more information, visit http://erc.omega-accounting.com/pickinganercpartner.

About Omega Accounting Solutions
Omega Accounting Solutions is an accounting and data company that empowers small businesses to make informed business decisions through the production of accurate and timely ledgers that produce honest, insightful and actionable reports. The Irvine, Calif. company, founded by Jay Woods, works with CFOs, controllers, accountants and software developers to collect, integrate, analyze and present critical data that enables the healthy operation and growth of the company. In 2016, Omega launched a Business Intelligence Division to provide companies with custom programs, KPIs and continuously updated dashboards that allow them to connect silos of data and take advantage of real-time opportunities in the market. The company launched its government tax credit category in 2020. For more information, visit http://erc.omega-accounting.com/pickinganercpartner.

MEDIA CONTACT: Sabrina Suarez, 714-573-0899 ext. 227
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A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d7c3d5c6-3330-406a-aa4c-8fb234356108