Better Business Advice, a leading business tax advice website, publishes an updated list of the best Employee Retention Tax Credit (ERC) specialists for businesses seeking professional guidance claiming ERC tax credits.
Better Business Advice shortlists Omega Accounting Solutions and Bottom Line Concepts as their top-rated ERC tax credit companies for January 2024.
Best ERC Providers:
- Omega Accounting Solutions - tax credit experts perform thorough due diligence to ensure businesses meet the IRS’s official ERC qualifications
- Bottom Line Concepts - trusted by numerous Fortune 1000 companies, with a remarkable track record securing over $1.2 billion in ERC funds to date
With recent guidance from the IRS advising businesses to ensure all ERC claims are legitimate, and the upcoming deadline of April 15, 2024 for 2020 ERC claims, choosing a reputable and legitimate ERC provider is more important than ever for businesses.
In order to determine the best ERC tax credit companies, Better Business Advice evaluated each company's track record, service costs, qualifying process and processing time for filing claims. Additional features such as the availability of bridge loans to provide short-term financing for businesses filing ERC claims were also taken into account.
Omega Accounting Solutions and Bottom Line Concepts are the top two ERC companies that have earned Better Business Advice's recommendation. Both companies excel in aiding businesses through the process of identifying and securing the maximum eligible Employee Retention Credit (ERC) from the IRS, reaching up to $26,000 per employee.
Omega Accounting Solutions
Omega Accounting Solutions distinguishes itself through a rapid application process that prioritizes compliance and precision. The provision of ERC bridge loans adds an extra layer of support for businesses seeking immediate financial relief while awaiting their ERC tax rebates – an estimate of which can be determined using Omega's ERC calculator. Beyond their ERC services, Omega Accounting Solutions provides a range of financial services and accounting solutions.
Initiating the ERC claim with Omega is a streamlined process, involving the completion of a form on their website and scheduling a 10-minute call to assess eligibility. Omega's adept team takes charge of calculating the total ERC tax credit amount and oversees the filing process on behalf of the business.
Bottom Line Concepts
Bottom Line Concepts, the preferred choice for medium-sized and large enterprises, has earned the trust of numerous Fortune 1000 companies. Their impressive track record in securing ERC grants is underscored by their achievement of over $1.2 billion in ERC funds to date, all without charging upfront fees.
The firm specializes in assisting businesses that meet the eligibility criteria for the Employee Retention Credit (ERC). This encompasses companies that have received PPP loans and those that experienced a decline in revenue, along with full or partial suspension of operations due to governmental orders. Their expertise lies in optimizing the tax credit amount for businesses they collaborate with.
Businesses interested in their services can visit Bottom Line Concepts' website, complete a brief eligibility quiz, and schedule an ERC call with one of their representatives.
What is the Employee Retention Credit?
The Employee Retention Credit (ERC) provides a refundable credit for wages paid between March 13, 2020, and December 31, 2021, under the condition that the business's operations were partially suspended due to a COVID-related governmental order or experienced a substantial reduction in gross receipts. To claim the ERC, businesses need to fulfill several additional requirements. The maximum theoretical credit allowed per employee is $26,000.00.
When is the ERC deadline?
Generally, eligible businesses can still claim the ERC tax credit for wages paid in the 2020 tax periods until April 15, 2024. For wages paid in the 2021 tax periods, the deadline is April 15, 2025.
However, a recent tax package proposal from the Senate Finance Committee and House Ways and Means Committee chairs on January 16, 2024, suggests a revision to the deadline for filing all ERC claims to January 31, 2024, covering eligible wages paid during 2020 and 2021. Although this deadline change is not yet law, businesses considering a valid ERC claim should anticipate the deadline becoming January 31, 2024, necessitating a proactive approach to filing the claim.
Is the ERC tax credit still available in 2024?
As of January 2024 eligible companies are still able to submit ERC claims. The Internal Revenue Service (IRS) has consistently targeted abuse in the ERC program, particularly concerning aggressive marketing and fraud. In efforts to address this issue, the IRS initiated a moratorium on the processing of ERC claims. The IRS also introduced programs that allowed ERC claimants to withdraw pending claims or voluntarily disclose improper ERC claims.
For a more in-depth review of ERC service providers and additional insights into the Employee Retention Tax Credit, please visit the Better Business Advice website.
About Better Business Advice: Better Business Advice is a leading business advice website dedicated to helping businesses succeed. As an affiliate, Better Business Advice may earn commissions from services mentioned in the links provided. The information provided by Better Business Advice does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only.
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Contacts
Andrew Mathews (andrew@betterbusinessadvice.com)
