Omega Accounting Solutions is a leading tax incentive expert that specializes in helping businesses achieve the best tax incentive options. One of their areas of expertise is the Employee Retention Credit (ERC), a refundable payroll tax credit created under the CARES Act.
With the pandemic causing significant financial challenges for many businesses, the ERC provides much-needed relief by rewarding employers with up to $26,000 per employee retained during this difficult time.
Omega Accounting Solutions has secured over half a billion dollars in ERC for more than 2,000 clients nationwide. They are committed to performing due diligence by double-checking eligibility requirements to ensure businesses meet the IRS’s official ERC qualifications while maximizing the ERC refund within the law.
In this article, we will review Omega Accounting Solutions’ expertise in ERC and their recent partnerships with X-Golf America and Chicago Cubs to raise ERC tax credit awareness.
If you’re looking for an ERC company that you can trust – consider taking a look at our list of the Top 5 Firms to work with in 2023. Where we weigh factors like Filing Fees, Average Time to File, Typical Credit Amount per Employee, and IRS compliance to find the Best Employee Retention Tax Credit Experts in the industry.
What is the ERC?
You might be wondering, what exactly is the Employee Retention Tax Credit? Well, it’s a refundable payroll tax credit created under the CARES Act that rewards eligible employers with up to $26,000 per employee retained during the pandemic.
This tax credit is designed to help businesses keep their employees on payroll during the COVID-19 crisis, and it is available to eligible US-based businesses that experienced a reduction in gross receipts of at least 20% from the comparable quarter in 2019 or were impacted by a state or local government order.
The ERC can be claimed by retroactively amending 2020 or 2021 payroll taxes with IRS Form 941-X, and it doesn’t need to be repaid.
Omega Accounting Solutions is an expert in helping businesses maximize their ERC refund while staying within the law and providing documentation to back up the ERC claim.
CARES Act Relief
Get ready to receive economic relief for your business with the CARES Act, which rewards eligible employers who retained their employees during the pandemic with up to $26,000 per employee through the Employee Retention Credit (ERC).
This refundable payroll tax credit was created under the CARES Act and awards up to $5,000 per employee in 2020 and up to $7,000 per employee for each of the first three quarters of 2021.
Eligible US-based businesses can claim the ERC by retroactively amending their 2020 or 2021 payroll taxes with IRS Form 941-X. However, the ERC requires a reduction in gross receipts of at least 20% from the comparable quarter in 2019 or being impacted by a state or local government order.
Employers who receive PPP loans may still qualify for the ERC with respect to wages that are not paid for with forgiven PPP proceeds.
Omega Accounting Solutions has secured over half a billion dollars in ERC for over 2,000 clients nationwide and performs due diligence double-check to ensure businesses meet the IRS’s official ERC qualifications.
Eligibility Requirements
To qualify for the Employee Retention Credit, eligible US-based businesses must have experienced a reduction in gross receipts of at least 20% from the comparable quarter in 2019 or have been impacted by a state or local government order.
Additionally, employers who receive PPP loans may still qualify for the ERC with respect to wages that aren’t paid for with forgiven PPP proceeds. Startups that weren’t in existence for all or part of 2019 can also claim the credit.
The recent IIJA retroactively amends and limits availability in the fourth quarter of 2021 to a recovery startup business or businesses that began operations after February 15, 2020.
It’s essential to note that the threshold drops to 20% for eligibility, and the safe harbor allows employers to use prior quarter gross receipts to determine eligibility.
It’s vital to prepare for the wave of ERC audits as the IRS cracks down. Omega Accounting Solutions performs due diligence double-check to ensure businesses meet the IRS’s official ERC qualifications and maximizes ERC refund while staying within the law.
Calculating ERC Refund
Calculating your expected ERC refund amount requires a thorough review of your financial records and a strong understanding of the eligibility requirements. Omega Accounting Solutions offers this service to businesses looking to maximize their ERC refund while staying within the legal boundaries.
They estimate the refund based on the number of employees and the average annual wage per employee. Omega has secured over half a billion dollars in ERC for over 2,000 clients nationwide. They provide documentation to support the ERC claim and ensure businesses meet the IRS’s official ERC qualifications through a due diligence double-check.
With recent partnerships with X-Golf America and the Chicago Cubs, Omega raises awareness of the ERC tax credit and also offers services for the R&D tax credit and new HRCTC tax credit for cannabis businesses.
Free Eligibility Tool
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Other Tax Credits
You may be surprised to learn about other tax credits that Omega can help raise awareness of. This includes the R&D tax credit and the new HRCTC tax credit for cannabis businesses.
In addition to the ERC, Omega has expertise in identifying and maximizing these tax credit options for their clients. The R&D tax credit provides a dollar-for-dollar reduction in tax liability for businesses that invest in research and development activities.
The HRCTC tax credit is available for cannabis businesses that hire and retain employees from communities disproportionately affected by the war on drugs. With Omega’s assistance, businesses can take advantage of these tax credits and maximize their savings while staying within the law and providing necessary documentation to back up their claims.
Omega’s Services
Looking for ways to maximize your tax savings and take advantage of available tax credits? Omega Accounting Solutions provides a range of services to help businesses achieve the best tax incentives for their needs.
In addition to their expertise in the Employee Retention Credit (ERC), they also raise awareness of other tax credits such as the R&D tax credit and new HRCTC tax credit for cannabis businesses. Omega performs due diligence to ensure businesses meet the IRS’s official ERC qualifications and maximizes their refund while staying within the law.
They estimate the ERC based on the number of employees and average annual wage per employee, and provide documentation to back up the ERC claim. Omega respects privacy and protects it, and has recently partnered with X-Golf America and the Chicago Cubs to raise ERC tax credit awareness.
They have successfully handled ERC filing for a CA-based financial services company and have secured over half a billion dollars in ERC for over 2,000 clients nationwide. By submitting a form, businesses can give their express consent to receive emails, calls, and text messages, which may use automated technology, from a representative of Omega Accounting Solutions. Message and data rates may apply, and all fields are required.
Preparing for ERC Audits
To prepare for potential ERC audits, it’s important to ensure your business is accurately documenting all eligibility requirements and maintaining thorough records. The IRS has already started cracking down on fraudulent ERC claims, so it’s crucial to have all paperwork in order.
Omega Accounting Solutions can help businesses navigate the ERC process and ensure they’re meeting all requirements. As part of their services, they perform due diligence double-checks to ensure businesses meet the IRS’s official ERC qualifications and provide documentation to back up the ERC claim.
With their expertise, businesses can confidently claim the ERC while minimizing the risk of an audit.
Conclusion
In conclusion, Omega Accounting Solutions has proven to be a reliable expert in securing the Employee Retention Credit (ERC) for businesses across the United States.
Their expertise in navigating the complex eligibility requirements and calculating the maximum refund has resulted in over half a billion dollars in tax credits for their clients.
Additionally, their partnerships with companies like X-Golf America and Chicago Cubs have helped raise awareness about the ERC and its potential benefits for businesses struggling during the pandemic.
Omega’s commitment to due diligence and maximizing the ERC refund within the law has earned them a reputation as a trusted partner for businesses seeking tax incentive options.
Their services not only help businesses save money but also ensure compliance with IRS regulations, preparing them for potential audits.
Overall, Omega Accounting Solutions’ success in securing the ERC for their clients and their dedication to providing quality services make them a valuable resource for any business seeking tax incentive options.