Omega Accounting Solutions continues its mission to serve small businesses, sharing tips for… | New

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IRVINE, Calif., July 19. 2, 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 publishes 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Rather than a traditional model, Omega is disrupt the industry overturning the outdated “who you know” accounting model and employing people with diverse backgrounds and skills to manage the process more holistically.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 brought together the five main questions for 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 customer?
  • 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.

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