Los Angeles, California Dec 5, 2023 (Issuewire.com) - Omega tax credits has decided to help small businesses claim the ERC because the IRS urges small business owners to take advantage of the employee retention credit before it ends. This government tax refund is a source of capital to many businesses as it is not a refundable credit. The ERC [employee retention credit] is meant for businesses that kept their w2 employees on payroll during the quarters of 2020 and 2021.
Omega Tax Credits has been an accounting and tax company for over 15 years now. They work with many businesses to help them do their accounting so, that employers can focus more on the important parts of business. When the employee retention credit came into existence a lot of new ERC companies sprung up and they started filing for small business owners that are qualified, some of these ERC companies are not doing a very good job, especially the ones that promote ERC aggressively to small businesses that are not eligible. Amongst many ERC companies, the omega tax credits decided to introduce the ERC for businesses they work with and they were able to claim the ERC for as many businesses as possible. They are now announcing to the public that they will work to claim the ERC for as many eligible small businesses. Based on the review of 8 of the most popular ERC companies done on https://bestercexpert.com omega tax credits are doing a very good job.
Check business eligibility for the ERC and start filing with omega tax credits at no cost.
Who is eligible for the employee retention credit?
There are some eligibility criteria to follow to be able to claim the employee retention credit. This will determine if a small business qualifies for the complete $26,000 per employee or less. The filing is also done quarterly so, it is possible for a small business owner to be eligible for a quarter and not the other. The filing can be done accurately and correctly by legitimate ERC companies because they have experience working with several small business owners and Omega Tax Credits is one of those legitimate ERC companies.
There are 3 major ways to qualify for the ERC; the first one is to qualify as a result of a decline in gross receipts for the years 2020 and 2021 when compared to the same quarters in 2019. The IRS mentioned on their website that to be eligible this way small businesses must have experienced a 50% decline in 2020 when compared to the same quarters in 2019 while at least a 20% decline in the year 2021 when compared to the year 2019. This calculation is done quarterly which means a business can qualify for some quarters and not the other quarters. Some employers may say they had revenue increase during 2020 and 2021 which disqualifies them but that is not true because there is another eligibility criterion which is the partial or full shutdown of business operations according to the government’s orders either directly or indirectly. This has made more businesses eligible for the ERC than the first one because it entails other circumstances like; a change in business hours, social distancing rules during the pandemic, employees having to work from home, supply chain disruption, business meetings not being held, conferences and gathering could not hold, travel restrictions, clients could not come on-site, Businesses could not meet with their clients. These criteria have made more businesses qualify for the employee retention credit. The last eligibility criterion is to qualify as a recovery startup business. According to the IRS, a business that qualifies as a recovery startup business must have started business operation after Feb. 15 2020, and must have made less than $1,000,000 in annual revenue. Businesses can qualify for up to $7,000 for the last quarter of 2020 and 2021 which will lead to $14,000 per employee.
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The ERC tax credit application is complicated, it has a lot of rule changes that even CPAs and accountants may not know about, and some business owners who qualify are told by their CPAs that they don’t qualify. On Best Erc Expert there is an article highlighting the reason why small businesses should make use of ERC companies and one of the main reasons is because they have experience in this having filed for several thousands of businesses successfully. Some of these ERC companies like omega tax credits have even filed for over 1,000 businesses. ERC companies will also help businesses avoid an audit from the IRS because of their streamlined review of the eligibility of each business before they submit a claim. The IRS at this time is very careful when reviewing applications because of the ongoing ERC fraud that has been happening recently. In fact, the IRS has put a temporary stop to the processing of new ERC applications till the end of 2023. This does not mean businesses cannot submit new applications; it will even help get the ERC faster when the IRS gets back to processing.
Omega tax credit does not charge an upfront fee for the evaluation and the filing of the employee retention credit. Employers will only pay after they have received their checks from the IRS. What can an extra $100,000 or more do for a business; a lot. start a free evaluation and filing, use the link below.
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