IRVINE, Calif., Sept. 15, 2023 (GLOBE NEWSWIRE) — The IRS has announced an immediate stop to processing any new Employee Retention Credit (ERC) claims until the end of the year after experiencing a rise in “ERC mill” fraudulent claims. Omega Accounting Solutions is well positioned to support existing clients, those who may have fallen victim to questionable practices, and those who were depending on their ERC return.
In a news release, Thursday, September 14, the IRS states: “To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros.” Additionally citing “aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system,” as reviewed more deeply in this IRS list of red flags to watch out for.
“We substantiate each ERC claim, through diligent documentation of eligibility, tailored to each client, as opposed to a one-size-fits-all approach,” said Jay Woods, CEO of Omega Accounting Solutions. “We are confident in the process and legitimacy of the claims we have filed for our clients.”
With more than 15 years as a trusted tax advisory firm to small and medium-sized businesses, Omega Accounting Solutions has remained steadfast in its corporate values of accuracy, efficiency, and integrity. To ensure compliance with IRS guidelines, all clients who file their ERC claim through Omega receive substantiation documentation to thoroughly document the legitimacy and validity of their ERC filing. In addition, Omega offers support in the event of an IRS Audit or if a company chooses to pursue an appeal.
For those who have entrusted their ERC claims with other companies, Omega extends its expertise through the ERC Compliance Review, a comprehensive evaluation of a company’s existing Employee Retention Credit (ERC) claim. Omega’s ERC specialists review the filing for compliance with IRS rules and identify potential liabilities or errors. Their licensed tax professionals provide a thorough report outlining any inaccuracies or areas of concern in case of a future IRS ERC audit.
“Omega developed its ERC Compliance Review service in response to the unfortunately high incidence of fraud that has been committed by pop-up processors or ‘ERC Mills’,” said Woods. “Many of these companies didn’t delve deeply enough into their clients’ qualifications, may have overclaimed credit amounts or qualified companies that didn’t meet the criteria as outlined by the IRS.”
For businesses depending on their ERC return, Omega Funding Solutions (a separate legal entity), offers funding assistance through advance and bridge loans, providing businesses with financial security and the ability to continue to manage their expenses during this waiting period.
For more information, call (888) 383-6602 or visit omega-accounting.com.
ABOUT OMEGA ACCOUNTING SOLUTIONS
Omega Accounting Solutions is an expert accounting, finance, and tax consulting firm that empowers small and medium-sized businesses (SMBs) to make better-informed decisions. Founded in 2007, the Irvine, Calif. firm utilizes business intelligence technologies to simplify complex challenges, optimize business finances and create new opportunities for growth. Omega Accounting Solutions refers to our network of firms, including Omega Funding Solutions, which is a separate legal entity. For more information about Omega Accounting Solutions, visit omega-accounting.com. For more information about Omega Funding Solutions, visit omegafundingsolutions.com.
MEDIA CONTACT: Sabrina Suarez