Welcome back to another episode of The Richer Geek Podcast! Today, we are joined by Paul Bianco, founder and CEO of Graphite, to discuss a recent change in tax regulations that could significantly impact software companies, especially those with a large engineering team. We'll explore the details of the new law, its potential consequences, and some potential strategies to mitigate the tax burden. We also explore the broader challenges faced by entrepreneurs in today's economic climate. Paul Bianco, formerly a Director at ff Venture Capital, brings his expertise to shed light on how this new regulation might impact your startup.
In this episode, we're discussing…
Complexity of tax laws for startups
Importance of strong accounting team
New Regulation: Companies must amortize R&D employee salaries over 5 years (US) or 15 years (offshore).
Impact: This increases taxable income for software companies with high engineering costs.
Potential Mitigation: Consultation with tax accountants and R&D tax credits
Bonus Tip: Follow your gut instinct and prioritize attention to detail
Resources from Paul:
Resources from Mike and Nichole:
