he Senate needs a loud and clear reminder that technology companies urgently need to be able to fully deduct all of our software development and R&D salaries and expenses, and that this must be fixed before 2023 tax deadlines.
Please sign the letter to help REVERSE Section 174 by Monday at Midnight (led by Michele Hansen, co-founder of Geocodio and SSBAlliance.org):
🛑 SIGN HERE 🛑 https://forms.reform.app/dotsquare/untitled-form-2/r1uqr4
What is section 174?
Section 174 is a new part of the tax code effective beginning with tax year 2022. It changes the way profits are calculated for your corporate taxes.
SIGNING THIS LETTER WILL HELP REVERSE THIS RULING.
Section 174 has an impact on all startups. It will especially impact startups that have started to generate revenue (especially global startups).
Essentially, it can make it so startups with revenue and no actual profits, owe a significant amount in taxes.
This is because Section 174 requires that R&D expenses are not immediately deducted but are spread out over a period of time (5 years for US; 15 years for International).
Leare more ⤵️
@David J. Phillips, CEO @Fondo
📖 Bookface Post: https://bookface.ycombinator.com/posts/75596
🎥 Explainer Video
@Theo Browne, CEO @Ping.gg
🎥 Deep Dive on Section 174 Video
@Peer Richelsen, CEO Cal.com
@Luther Lowe, Head of Public Policy @Y Combinator
✍️ Sign this letter by Monday at midnight please 🙏: https://forms.reform.app/dotsquare/untitled-form-2/r1uqr4
📣 Spread the word on X! https://x.com/davj/status/1763953952943718420?s=46&t=uWrM4wYd5BYnXv398mCKuA
Need help with the upcoming tax deadlines?
📩 Feel free to email our founder, David J. Phillips, who's always happy to help: d@tryfondo.com
🗂️ If you feel like you are wasting time or overpaying that CPA or Pilot (non-YC), we’d love to file a federal tax extension for you for $1: tryfondo.com/1
Need help filing your Taxes?
Disclaimer
This blog for informational purposes only and does not constitute legal or tax advice or create an attorney-client relationship. Companies should consult their own attorneys or tax accountants for advice on these issues. Because of the generality of the issues discussed in this piece, the information provided may not apply in all situations and should not be acted upon without specific legal or tax advice based on particular situations.
