Omega Accounting Solutions Raises Awareness of R&D Tax Credit
Award-winning company continues mission to educate, support small business owners
IRVINE, Calif., — Omega Accounting Solutions, an accounting and data firm that empowers small businesses to make informed decisions through powerful accounting, leads the way in helping small businesses obtain their Research & Development (R&D) Tax Credit. Omega was recently ranked no. 35 on Inc. magazine’s list of the Pacific Region’s Fastest-Growing Private Companies as well as the #1 Best ERC Company for Getting Your ERC Funds by Merchant Maverick.
The COVID-19 pandemic drove a record jump in technology development across numerous industries, including pharmaceuticals, medical technology, manufacturing, software and beyond. The R&D tax credit is a special tax incentive that rewards businesses for developing or improving products or processes, regardless of industry. This tax credit equates to a dollar-for-dollar reduction in federal tax liability. Based on a business’ R&D expenses, the credit offers an immediate source of cash to jump-start new research or provide cash liquidity for a business.
“Our goal is to maximize the hard work and hard-earned dollars that small business owners invest in their companies year after year,” said Jay Woods, founder and president of Omega Accounting Solutions. “To qualify for the R&D tax credit, small businesses do not need to make groundbreaking discoveries that advance their entire industry, only resolve technical uncertainty for their company.”
Omega’s dedicated R&D tax credit professionals stand ready to provide support, taking all the guesswork out of a complex tax incentive by offering an easy-to-use, expert-guided experience that includes a five-step process to crunch the numbers, ensuring each company gets their maximum tax benefit.
“Legislative changes, IRS guidance, and precedential case law continue to evolve the definitions and procedures for this credit. Our team is ready to adjust and adapt so our customers can keep more of their profits and reduce federal and state tax liability for past, current, and future years,” said Rob Campbell, Senior Tax Director at Omega Accounting Solutions. “There is no limit to how many years into the future the R&D tax credit can be claimed; so, we’re helping small and mid-size businesses build an IRS-friendly framework that will continue beyond 2023.”
For further information, visit Omega’s R&D Tax Credit division or call (888) 305-1120.