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In response to the many challenges faced by small businesses during the Coronavirus Pandemic, Congress passed relief legislation including the Employee Retention Credit. This refundable government tax credit* allowed employers to continue to pay staff working during the worst of COVID-19. Here with more is Jay Woods Founder and President of Omega Accounting solutions. After the worst of the pandemic, America’s businesses still face labor shortages, skyrocketing costs and threats of a potential recession. And while the Employee Retention Tax Credit (ERC) has billions in tax credit aid still available, new survey reveals that small business owners and decision-makers remain gravely misinformed and lack facts about their ability to qualify or resources to handle the filing. With a rolling sunset deadline approaching in March 2023, 77% of small businesses think they may have miss the window to claim the vital ERC refund.
“The ERC Tax Fund is three times the size of the $800 billion PPP fund or approximately 2.4 trillion,” said Jay Woods, Founder and President of Omega Accounting Solutions. However, many business owners remain misinformed and may miss out on the filing window. 89% feel that between the pandemic, inflation and labor shortages – it’s nearly impossible for small businesses to thrive in today’s economy. Most don’t know how to take advantage of the ERC Tax Credit. 63% believe they lack resources to handle the ERC tax credit filing. Nearly a third (31%) say their tax or financial expert did not provide accurate information about the ERC. Make sure you have the right advocate to help you in your quest to receive this benefit. With the rolling sunset deadline approaching, Omega is on a mission to educate and help small business owners qualify for this generous tax credit. For more information visit OmegaTaxCredits.com