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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
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TAX DEADLINE
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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
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Days
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hours
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April 26, 2022
1 min read
This morning, the global venture capital firm GGV Capital announced their inaugural SMBTech 50, the first list to highlight innovative and growing startups that focus on serving small-and-medium-sized businesses (SMBs). We’re excited to share that Neo.Tax made the list and is the only tax startup included!
GGV Capital researched startups on Crunchbase and then nominated the most innovative companies in the SMB ecosystem for their list. They also asked 30 of the top VC firms “which companies are the next Shopify, Intuit, Square, etc?” and added their nominees to the pool. A list of more than 200 SMB Tech companies were compiled and then voted upon by the VC firms. GGV Capital and 30 other venture firms recognized the work we’re doing, which further emboldens us to make tax season a valuable moment for the very companies creating jobs and technology in America.
We set out to build Neo.Tax because we saw an opportunity: a 2015 change to the R&D Tax Credit made startups and SMBs eligible to receive millions of dollars in credits. Yet due to lack of awareness these credits were being left on the table. This was just the start. Today, we’re working hard to simplify tax season by using software to democratize the ability to claim valuable credits to businesses of all sizes. Our goal is to enable innovative SMBs to easily access the money they are owed. We think the time has come to level the playing field between SMBs and Fortune 100s when it comes to tax season.
This year, we closed a $10 million Series A round which will allow us to continue to be an innovating force in the SMB tax space. As Jeff Richards, GGV Capital’s managing partner, explained on Twitter: “SMBs are 40% of US GDP and 60% of Americans work for an SMB.” This is who Neo.Tax was designed for; we’re here to make sure they’re the companies who take advantage of the extended runway they deserve.
To be recognized alongside companies like Gusto, Canva, Calendly, Mercury, Notion, and so many others is a massive honor. We couldn’t be prouder to be a part of this list.
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At Neo.Tax, we talk to scores of controllers and Heads of Tax every month. One thing is clear: the old way of filing for R&D Tax Credits has become a burdensome pain. You’d think that so many businesses moving their project management and payroll online, via software like Jira, Rippling, and Workday would simplify the filing process. But, in some ways, it’s made it harder.
The payroll and project management output is a rich dataset, but it’s also, well, voluminous. If that data is not inputted perfectly—and let’s be honest, it never is—that means it’s up to a controller or Head of Tax to sift through the mess to create the filing. Engineers need to be trained (and retrained) on the correct project tagging process, and then cajoled to sort out any inputting errors. It’s a waste of time for your filer and your engineering teams.
Which is why Neo.Tax created our AI system.
No one starts a company because they’re excited about accounting and taxes. Well, no one except the Neo.Tax founders :)
But for those other 99% of founders, here’s a cheat sheet and guide to ASC 350-40, an accounting guideline that pertains to Internal-Use Software Development Costs. Maybe you’ve never heard of ASC 350-40, but you should get to know the rule if you ever plan to go public.
