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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
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Fintech company Mercury has grown at lightning speed by prioritizing technological innovation. But this rapid growth created a complex challenge for controller Christine Andrews. Learn how Neo.Tax's AI solution simplified the process, created a more accurate filing, and saved her and Mercury's team of engineers weeks of valuable time.
The IRS has been emphasizing the necessity of contemporaneous documentation for decades, but this recent motion for summary judgment against Kyocera could mark a potential shift towards a stricter application of their long-standing policy. The direction seems clear—reliance on after-the-fact interviews without supporting documents is increasingly untenable.
Many people don’t know this, but you can claim the R&D tax credit for the current tax year plus amend returns for the previous three tax years. For example, in 2023, you could claim credits for 2023, 2022, 2021, and 2020. That retroactive tax filing could be worth hundreds of thousands of dollars (or more) for your company.
Fintech company Mercury has grown at lightning speed by prioritizing technological innovation. But this rapid growth created a complex challenge for controller Christine Andrews. Learn how Neo.Tax's AI solution simplified the process, created a more accurate filing, and saved her and Mercury's team of engineers weeks of valuable time.
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The IRS has been emphasizing the necessity of contemporaneous documentation for decades, but this recent motion for summary judgment against Kyocera could mark a potential shift towards a stricter application of their long-standing policy. The direction seems clear—reliance on after-the-fact interviews without supporting documents is increasingly untenable.
Text LinkIndustry News
Many people don’t know this, but you can claim the R&D tax credit for the current tax year plus amend returns for the previous three tax years. For example, in 2023, you could claim credits for 2023, 2022, 2021, and 2020. That retroactive tax filing could be worth hundreds of thousands of dollars (or more) for your company.
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One of the big challenges faced by a controller or a head of tax during tax season is creating and then interpreting an accurate snapshot of all the work completed at a company during a given year. Neo.Tax’s AI solution connects directly with a company’s existing internal task-level data sources to create an accurate, exhaustive, and audit-proof IRC Section 41 filing.
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Every innovative enterprise company has to sort through mountains of data and conduct time-consuming interviews with engineers to file their IRC Section 41 R&D Tax Credit. At Neo.Tax, our team of machine-learning experts, AI engineers, and tax experts dove into creating an LLM specifically fluent in R&D Tax-related inputs. "People have been waiting for a breakthrough application of AI for business,” Neo.Tax co-founder and CTO Firas Abuzaid says. “This LLM use-case for the R&D credit demonstrates how powerful AI can be when thoughtfully designed to solve a rote, time-consuming, and repetitive task.”
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At Neo.Tax, we take UX and graphic design seriously. And as our engineers switched to Tailwind UI, we realized we had a problem: it wasn't compatible with Figma, which we used for design. So, our design team set off to build a custom solution. Here's how they cracked the code — and here's how you can use their learnings and free library to supercharge your own designs.
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Accuracy, supported by quantifiable data, will become even more essential for those filing for the R&D credit. Luckily, Neo.Tax’s automated filing LLM connects directly to your project-management and payroll & GL software to create a data-backed filing that already meets the proposed higher IRS standard. And best of all, you can be confident that your R&D credit filing is backed by contemporaneous data and audit-ready.
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On February 21, the Tax Executives Institute and Thomson Reuters are holding a live webinar entitled “Section 174: What We Know Now.” The in-depth presentation, which starts at 2pm ET, will provide expert guidance into how best to strategize around tax treatment of R&D expenditures as they currently stand under Section 174.
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The Tax Relief for American Families and Workers Act of 2024 passed in the House by a vote of 357 to 70 on Wednesday. The bill will help restore much of the Covid-Era Child Tax Credit and will rewrite part of the Trump-Era change to R&D Taxes that had made domestic R&D costs prohibitively expensive for innovative American companies. Whether the Senate approves the bill remains up in the air.
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Starting with the 2023 tax year, a qualified small business may elect to claim up to $500,000 of its credit for increasing research activities as a payroll tax credit. Previously, taxpayers could only claim up to $250,000.
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Department heads spend over 150 hours each year getting R&D taxes prepared for enterprise companies! That’s why, at Neo.Tax, we’ve built a tool to streamline the arduous R&D tax process.
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“The true back-office transactional side is just table stakes,” Nic Malianni says. “But for a startup to succeed, the finance function really has to be strategic. You can live in that land of customer experience and sales strategy, and drive strategic decisions if you want to. I think every accounting and finance person should.”
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Praveer Melwani came to Figma when there were fewer than 30 employees as the first biz ops hire. Today, the company has over 1,300 employees and has announced a pending $20 billion sale to Adobe. So, how did Praveer grow in his role as his responsibilities and Figma expanded? Learn how in this month's CF0to1!
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For any S-Corp — defined by the IRS as “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes” — the extension tax deadline is September 15, 2023. So, now is the time to get your books in order and to file your R&D tax credit.
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The CFOs and Controllers of every innovative company in America have been watching Congress with baited breath all year. Grant Thornton just shared an important update on Section 174, R&D Capitalization, the debate in Congress, and what it means for you!
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The apparel industry is a space where innovation is treasured. That means, more likely than not, you're owed money via the R&D Tax Credit. Neo.Tax is here to help you claim it!
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Food & Beverage is a space overflowing with innovative thinkers. So, chances are you qualify for an R&D Tax Credit — Neo.Tax is here to help claim the money you're owed!
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The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Communications and Media R&D Tax Credits.
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Most people running wineries and breweries would never think to file an R&D Tax Credit. But if you're using innovative processes, you might just qualify!
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Manufacturing & Consumer Products businesses are constantly striving for new designs for customers and for their factories. Find out which expenses qualify for the R&D Tax Credit!
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Many agriculture businesses don't know that they can file for an R&D Tax Credit. Hybridizing, automation, and a host of other costs may be considered qualified research expenses!
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Healthtech is changing the present and future of medical care. Clearly, an innovative industry relies heavily on R&D investment — so, you're almost certainly owed money via the R&D Tax Credit!
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When you think retail, you don't think of research-and-development costs. But, in reality, many retail businesses qualify for the R&D Tax Credit. In this post, we explain the parameters of a qualified expense and share some common examples that may apply to your business!
Text LinkR&D for Industries
What’s the best path to the top finance job at a unicorn? And how does a first-time CFO who guides a company to an $8.2 billion IPO get his start? Ajay Vashee, General Partner at IVP, walks us through his journey in the latest in our CF0to1 series!
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