Frequently Asked Questions

R&D FAQs

What is the R&D Tax credit, does it apply to any type of business?

Almost any business that undertakes legitimate research to develop a product, service, or platform–research as a key business function–is very likely to be eligible for the credit. Contact us today to find out more.

What Business Activities Qualify for the R&D Tax Credit?

R&D tax credit eligibility applies to much more than product development. It also includes operational advances such as manufacturing methods, software engineering and development, and even quality enhancements. Seed stage or early start-ups may be able to utilize the R&D tax credit as well, with potential to claim credit against payroll tax for up to 5 years. If your LLC or corporation does any of the following, your company is likely to qualify for a Research & Development tax credit: 1. Enhancement of Current, Existing Processes and/or Products 2. Development or Design of Innovations/New Products Or Processes 3. Improvement of Existing Prototypes and/or Software

Can’t we file for the R and D tax credit ourselves?

While the R&D credit is available to benefit any business, the Treasury isn’t making the awarding of funds a sure thing. Omega Accounting has a team of professionals who can interpret and quantify the relevant activities of your business. Frequently, companies which have claimed a credit (without professional guidance and research) leave eligible claims on the table due to misinterpreting the tax code. The credit tax code has been updated many times within the last 5 years, even more so than in the previous 30!

What Line-Item Costs can Qualify for the R&D Credit?

Wages, Sub-Contractor Payments, Materials & Supplies, Electronics/tools for research and development. These items along with evidence-based employee declarations establish an R&D tax-credit claim. Omega Accounting’s professional team will work with you to substantiate any claims, conforming to relevant I.R.S. guidelines and Treasury regulations.

How is an R&D Tax Credit ‘Startup Provision’ Applied?

Start-ups and smaller businesses which qualify, can apply for up to one and a quarter million dollars (or $250,000 each year for no more than five years) of US Federal R&D tax credits, when used against liabilities for the Federal Insurance Contributions Act (FICA) portion of annual payroll tax. Startups and SMBs which have less than $5,000,000 in receipts for a credit year and which have no more than 5 years of gross receipts can qualify.

Business Intelligence FAQs

How does Omega measure my KPI’s (Key Performance Indicators)?

Omega approaches each client with a stakeholder mentality. Based on financial and operational data, Omega’s custom key performance indicators help business owners and managers understand how their business is performing at any given time.

How many reporting tools does Omega use for data services?

Our team of in-house developers can integrate all of your data sources: accounting, time-keeping, ERP, CRM, and many others, so your data can be viewed and analyzed using a single reporting tool with dashboard, actionable metrics linked to your detailed data. We connect to all your data sources and promote insights across your organization while ensuring data integrity, accuracy and security.

How can I get my up to the minute reporting from Omega BI?

Reports and dashboards are available on your own secure portal and can be viewed on any desktop or mobile device.

Does Omega look at back-end integrations and automation for my business?

Short answer, yes. Most businesses have data in many back-end systems. Sometimes data is manually duplicated to multiple systems for reporting purposes. Our developers will pull data from all the systems together for our business intelligence reporting. We can also build automation routines to move data quickly and accurately between back-ends if necessary.

Does Omega offer services for new software package configuration and implementation?

We can help your company install or migrate to a new software platform. We have experience with many of the most widely used business applications. We can make recommendations and create implementation plans. We can also manage the entire project through implementation and onsite training.

Fractional Business CFO FAQs

What does the CFO Deep Dive year-end review offer?

The CFO Deep Dive provides proper review and analysis of financials, ERC and PPP Loan Potential Tax Impacts, benchmarking to industry peers, CPA and current tax strategy, projected tax liability and projections for remaining open months of the year, trends, key ratios, and potential tax strategies for CPA review.

What does the year-end planning report include?

Your annual insights, potential year-end income, and insights all to be shared with the tax preparer for annual tax planning.

Why should you invest in the CFO Deep Dive?

The CFO Deep Dive offers the reporting and insights needed to forecast what’s ahead, saving you and your business from some serious headaches.

Recruiting Services FAQs

For Candidates

How does Omega Recruiting Services help get me a job?

Begin by exploring opportunities on our career page by entering keywords and picking your search radius. Once you identify positions that are of interest to you and that you are qualified for, you may apply directly to the position, upload and paste your resume, and your information will be routed to the recruiter responsible for filling that position.

Should I use a recruiting firm to find a job?

Yes – Our recruiting firm expedites your process to get your resume quickly in front of the hiring manager. We advocate on your behalf, submit your resume, and help a hiring manager understand why you’re the best candidate for the job. Plus, using us is a free resource – providing you much-needed career guidance and a leg up on the competition. Employers will partner with recruiting agencies to find the best talent and often give our company exclusive listings you can’t find on public job boards.

Is there a fee associated with your services?

No — working with an Omega Recruiting Services recruiter is a free resource to utilize in your job search. Our biggest incentive is finding the job that’s right for you.

I recently moved to a new city. Do you offer relocation services?

While we don’t currently offer relocation services, you can still use us as a resource. You can apply for jobs in your target city, and we can bring you in for an interview once you officially move!

I've been applying to jobs and I haven't heard from a recruiter. When can I expect to hear back?

We take the time to consider each resume submitted for a role, and we value the time you spent applying. If you haven’t heard back, it’s possible that the jobs you’ve applied for have already been filled, or we’re no longer looking for that specific type of candidate. Keep applying to open jobs and updating your resume, and a recruiter will contact you when a role is a great fit — that dream job is out there, we know it!

Why do I have to fill out application paperwork?

In order to consider you for employment opportunities, we first need to determine your work eligibility and legal compliance. Rest assured, our secure platform keeps your personal information safe and confidential. If at any point you are uncomfortable filling out personal details, ask your recruiter if it is okay to wait on certain steps.

Can I receive benefits through your firm as a temporary employee?

For temporary employees on long-term assignments – those lasting multiple months – we offer certain benefits packages. Your recruiter will give you more specifics when you are placed on a temporary assignment that is eligible for benefits.

I'm interested in using your recruiting services but I haven't seen an opportunity that is a fit for my skills and experience. Can I still submit a resume?

Currently, candidates must apply to one of our open roles to connect with a recruiter. We post new opportunities daily across all functions and industries, and we encourage you to keep checking back to see what new roles we have. If you’re interested in our top jobs, expert tips, and other advice to move your job search forward, be sure to sign up for our monthly e-newsletter.

What are some common interview questions I can expect from my first meeting with a recruiter?

Your initial meeting with a recruiter will feel a lot like a job interview. We like to take time to meet our candidates face to face, so we can make the best matches based on chemistry, as well as skill set and experience. You should bring a copy of your resume and be prepared to answer questions regarding your experience, your ideal job and work environment, and your salary expectations. Our goal is to get to know you on a deeper level so we can better serve you in your job search.

Do you offer entry-level jobs?

Yes — Many of our positions are open to recent graduates or early career professionals. If you see an opening on our site you’d like to apply for, send in a resume! One of our recruiters will be in touch if they feel you are a good fit for the role.

For Clients

Why should I use omega recruiting services?

Omega Recruiting Services is an accounting service firm at heart. We have been an accounting firm with over 16 years of experience. We leverage our Accounting Services professionals and CPAs to ensure you get the highest quality accounting or finance professionals.

How do omega recruiting services compare to other recruiting firms?

As a recruiting service firm, we give you personal attention and a deeper understanding of your needs. While our unique network still provides access to countless opportunities but with a personalized touch. We build lasting relationships with clients and candidates – see the difference, Connect with us today!

What does a recruiting firm do?

If you have an open role and are in need of a top-tier candidate, recruiting firms help you identify the perfect match. They will conduct various searches, source, and screen candidates, and present the best options for your consideration. When it comes time to hire, recruiting firms are also incredibly helpful. For a direct-hire candidate, the recruiting firm will help you onboard the individual directly into your organization. To get started, contact one of our offices to speak with an account manager.

What type of employees do you place?

We place direct hire employees and offer retained search at the executive level across the country.

How much does it cost to work with your company?

We charge a contingency fee of the annualized salary, including guaranteed bonuses but excluding all other cash benefits (e.g., bonuses, housing, guaranteed/projected commission, and allowances) for any given applicant.

How do omega recruiting services conduct pre-employment screenings?

We know each employer’s needs are different, so we’re equipped to handle many kinds of pre-employment screening and testing. From federal and local background checks, we can administer a multitude of evaluations to give you the peace of mind you need to make a great hire.

How do you measure and report on success with your clients?

At Omega Recruiting Services, we privilege long-term, value-adding relationships with all of our clients, so our success can only be measured by what’s important to you. We’ll work with you to create customized dashboards in order to benchmark and report on the KPIs that matter the most to your business. And since we’re committed to continuous improvements, we’re always evaluating our client satisfaction (CSAT) and net promoter score (NPS), surveying our candidates, and leveraging feedback across touchpoints to ensure we deliver the most value to you.

Won’t partnering with multiple staffing firms ensure I see better results?

We get it. When a vendor lets you down, the urge to build a safety net of backups seems logical. However, multiple vendors often create more problems than they solve.

Imagine juggling multiple delivery timelines, struggling to track each partnership’s effectiveness, and feeling your overall goals lose focus. That’s the reality of managing several vendors. Not to mention the endless time lost wrangling relationships instead of achieving your strategic goals. Merging reports and chasing down performance updates – who has the bandwidth for that?

Instead, consider the power of a single, trusted staffing partner like us. We have proven expertise and an unmatched talent network. Say goodbye to juggling timelines and hello to deep domain expertise, timely reporting, clear SLAs & KPIs, streamlined billing, and direct oversight. It’s a partnership built on trust and engagement, unlocking limitless advantages for your business.

ERC/ERTC FAQs

What is the Employee Retention Credit (ERC)?

The Employee Retention Credit (ERC) is a refundable payroll tax credit created under the CARES Act to help employers continue paying employees and keep businesses running during the economic fallout caused by the Coronavirus. The ERC provides employers that meet eligibility requirements with a credit against qualified wages and health plan expenses, leading to ERC refunds for many businesses. It helped U.S. companies stay afloat due to the shutdowns caused by the COVID-19 pandemic, but now there are millions of unclaimed dollars available and nearly any company impacted by the pandemic is eligible to claim their credit today.

Does my business qualify for the Employee Retention Credit?

Your business may qualify for the Employee Retention Credit if it meets the following ERC eligibility qualifications:

  1. Your business is based in the USA.
  2. Your business employed less than 500 employees in 2019.
  3. EITHER your business saw a significant decline in revenue during the pandemic OR you needed to modify business operations in order to comply with COVID-related government orders, such as partial shutdowns, reduced operating hours, social distancing orders, customer capacity limits, etc.

If your business meets the ERC requirements above, it likely qualifies for a significant tax credit. Contact Omega to determine if your business is in fact, eligible.

If your business is a startup that began operations following February 15, 2020, you may qualify for an ERC refund through the Recovery Startup Credit without meeting the above requirements. Read more about the Recovery Startup Credit down below.

How much credit can I get per employee?

When first introduced as part of the CARES Act in 2020, the maximum credit allowable under the ERC/ERTC was $5,000 per employee. With its renewal and expansion under the Consolidated Appropriations Act (CCA), 2021, the maximum credit increased to $21,000. When the ERC/ERTC and the Paycheck Protection Program (PPP) were rolled out under the CARES Act, businesses had to choose which to use. Many selected PPP because it was easier to sign up for a Small Business Administration-backed loan than to learn the details of eligibility for ERC/ERTC. However, subsequent legislation expanded the eligibility requirements for employers so that they could now receive both, making this a can’t-miss opportunity for businesses.

Is it too late for my business to apply for ERC/ERTC?

Though the Infrastructure Investment and Jobs Act (IIJA) of 2021 moved up the ERC/ERTC’s expiration date, effectively repealing the program for the fourth quarter of 2021, companies are still allowed to submit their payroll tax filings for the covered periods. Employers who filed their payroll taxes in 2020 were able to deduct the money directly from their quarterly payroll taxes at that time. Those who didn’t file in 2020 or who are claiming the ERC/ERTC for the first time on their payroll taxes in 2021 will be refunded for quarterly filed periods.Though the Infrastructure Investment and Jobs Act (IIJA) of 2021 moved up the ERC/ERTC’s expiration date, effectively repealing the program for the fourth quarter of 2021, companies are still allowed to submit their payroll tax filings for the covered periods. Employers who filed their payroll taxes in 2020 were able to deduct the money directly from their quarterly payroll taxes at that time. Those who didn’t file in 2020 or who are claiming the ERC/ERTC for the first time on their payroll taxes in 2021 will be refunded for quarterly filed periods.

Where does ERC/ERTC’s Cash Refund come from?

The ERC/ERTC is a federal credit taken on a business’ quarterly payroll taxes, not the business’ taxes, based on how many full-time employees (30+ hours) the company had for the eligibility period. The credit calculation is based on qualified wages paid per employee each quarter. In 2020 the refundable tax credit was 50% of qualified wages up to a $5,000 maximum. In 2021 it was 70% of qualified wages up to $21,000. The IRS issues a refund check in the amount of the credit claimed.

How difficult is the application process for ERC/ERTC?

If a business meets the eligibility requirements for the ERC/ERTC, the credit can be claimed on previously filed payroll tax forms. ERC/ERTC specialists working in accounting departments and for tax preparers can quickly evaluate whether a company is entitled to the credit and provide any needed guidance. If the criteria are met, these professionals can file amended payroll tax returns for the qualifying quarters and submit them to the IRS.

Is the Employee Retention Credit real?

The Employee Retention Credit is not a scam. The ERC is a real tax credit created by the CARES Act. The IRS is still accepting retroactive ERC claims and awarding refunds on payroll taxes paid in 2020 and 2021.

Which employers are Eligible for an Employee Retention Tax Credit?

Employee Retention Credit Eligible Employers are any who were in business during calendar years 2020/2021, including any tax-exempt organizations, that either:

  • Fully or partially suspended operations by a governmental order, or
  • Experienced a significant decline in revenue during at least one quarter of 2020 or 2021, when compared to the same quarter of 2019
I heard the Employee Retention Tax Credit won’t be around much longer?

We can’t be certain as laws and executive orders can change at any time, but the IRS has recently released guidance for 2022.