New Survey Finds Small Enterprise House owners Lack Sources for Dealing with Tax Credit

Virtually one-third of enterprise leaders & decision-makers don’t have sufficient or correct ERC data

IRVINE, Calif., December 02, 2022–(BUSINESS WIRE)–Omega Accounting Options at the moment launched the outcomes of a brand new survey discovering that 63% of enterprise leaders and determination makers really feel their enterprise lacks assets or wants assist dealing with tax credit. With rolling sundown deadlines to say eligibility for the Worker Retention Tax Credit score (ERC) rapidly approaching starting March 2023, certified small companies are operating out of time to say their important ERC refunds.

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New Survey Finds Small Enterprise House owners Lack Sources for Dealing with Tax Credit

Omega Accounting Options Small Enterprise Worker Retention Credit score Survey (Graphic: Enterprise Wire)

“There are thousands and thousands of unclaimed {dollars} obtainable, and practically any enterprise impacted by the pandemic is eligible to say their credit score,” mentioned Jay Woods, founder and president of Omega Accounting Options. “Employers labored laborious to remain afloat in the course of the pandemic. They merely didn’t have the bandwidth to handle continuously shifting enterprise environments; study and cling to native, state, and federal rules; and uncover the ins and outs of the ERC to see in the event that they had been eligible.”

The nationwide survey, by Atomik Analysis, was carried out from August 11 to 18, 2022 on behalf of Omega Accounting Options. The survey was carried out on-line amongst a pattern of 803 basic managers and members of the manager administration of companies (i.e., C-suites and presidents/house owners) throughout america.

The survey discovered:

  • Almost 9 in 10 (89%) of these surveyed say that between the pandemic, inflation and labor shortages, they really feel it’s practically inconceivable for small companies to thrive in at the moment’s financial system.

  • 81% of enterprise leaders and decision-makers indicated that enterprise is struggling as a result of they lack data of or enough counsel on accounting procedures, monetary planning and associated enterprise duties.

Omega analysts imagine these survey outcomes point out that small companies are sometimes underserved in terms of tax credit. Most executives lack skilled steering in accounting and finance, leaving them to depend on outdated data or kind misconceptions that will stop them from using tax benefits.

“ERC funds might proceed to assist companies stay operational throughout ongoing financial hardship,” continued Woods. “After the worst of the pandemic, many companies nonetheless face labor shortages, skyrocketing prices of doing enterprise and threats of a possible recession.”

With the wait time for Worker Retention Credit score (ERC) refunds presently as much as a yr, Omega Accounting Options not too long ago launched Omega Funding Options (OFS), a third-party lender providing ERC funding help to Omega Accounting Options’ ERC purchasers, companies that haven’t but filed for his or her ERC and employers which have filed with different processors. Regardless of the trade, OFS helps companies anyplace within the U.S. proceed managing their bills, utilizing funds for working capital, to buy new gear or increase their enterprise. OFS serves small and mid-sized companies that want the cash now by bridge loans towards their refund worth to assist maintain companies up and operating whereas they wait.

For additional data or to obtain the survey, go to https://www.omegataxcredits.com/survey.

ABOUT OMEGA ACCOUNTING

Omega Accounting Options is an accounting and knowledge agency that empowers small companies to make knowledgeable enterprise choices by the manufacturing of correct and well timed books that yield insightful and actionable studies. The Irvine, Calif., agency based by Jay Woods in 2007 works with CFOs, controllers, accountants and software program builders to gather, combine, analyze and current important knowledge that enable for wholesome company operation and progress. In 2016, Omega launched a Enterprise Intelligence Division to supply corporations with personalized applications, KPIs and constantly refreshed dashboards that enable them to attach knowledge silos and make the most of real-time alternatives within the market. For additional data, go to https://omega-accounting.com/.

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Contacts

Sabrina Suarez
714-573-0899 x227
[email protected]

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