This Week in Startups Avoiding Accidental Tax Fraud | Startup Finance Basics w/ Kruze's Scott Orn | E1849
Nov 16, 2023
Scott Orn from Kruze Consulting, an accounting guru for startups, joins to discuss vital financial insights. He highlights the risks of Employee Retention Credit fraud and the importance of clean accounting from day one. Scott shares expected first-year spending for startups and differentiates between software development and R&D tax credits. He emphasizes the necessity of CPA guidance to navigate the complex world of startup finances and avoid common pitfalls.
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ERC Fraud Warning
- Be wary of Employee Retention Credit (ERC) solicitations, especially high-pressure tactics.
- Consult a trusted CPA for guidance on ERC eligibility and avoid potential fraud.
Consult Your CPA
- Consult your CPA regarding ERC eligibility instead of random solicitors.
- CPAs protect their license and your interests, offering reliable advice.
Increased R&D Tax Credit
- The research and development (R&D) tax credit has increased for the 2023 tax year.
- Launch companies investing in R&D can potentially benefit from this credit.