Monthly Archives: September 2015

SBIR Accounting Myth #16:”The Safe Harbor Indirect Rates Are the Best for My Business”

Not necessarily. As I say to my clients, don’t you want to know the truth? While some solicitations will limit your indirect rates to the safe harbor, other agencies and phases provide more flexibility. Time and time again, awarded underestimate … Continue reading

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SBIR Accounting Myth #15: “I Don’t Need a Payroll Service”

Yes you do. This is one I never understand. For a very affordable price, it makes sense to have your employees’ withholding taxes timely deposited, unemployment taxes paid, paychecks properly classified, and W2’s and tax returns timely filed. The cost … Continue reading

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SBIR Accounting Myth #14: “I Can Change My Employees’ Timesheets”

Never! Only your employee can change their timesheet, with a signature and explanation (adequate automated systems require this). Employee timesheets should not look like a creative canvas of numbers and doodling, but rather, should be well organized and structured so … Continue reading

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SBIR Accounting Myth #13: Research & Experimentation Tax Credits are for the Big Firms

Not true. This is a nice benefit for small firms that engage in qualified research activities and have unfunded research. For corporations, unused tax credits may be carried back 2 years and forward 20. For S-corporations and LLC’s, the credits … Continue reading

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