R&D Credit Basics
Form 6765
This is the name of the guarantee that backs the quality/accuracy of the work that we provide our clients
The MainStreet Guarantee
This company helps us integrate with payroll tools and pull the data we need to process a company's paperwork
Finch
Doug, Dan, and Daniel all used to work together at this large tech company prior to starting MainStreet?
Name one of our direct competitors
NeoTax, Pilot, Kruze, their own accountant/CPA, Clarus, TaxTaker, HIRETech, Ardius, Kruze Accounting
The 4 part test is composed of the following test: Permitted Purpose, Technological in Nature, Process of Experimentation and _______?
Elimination of Uncertainty
What lead source (by percentage) do we receive the most leads from?
Organic
If a company has gross receipts dating back longer than _______ years, they are only able to claim the R&D Credit against their income tax and not their payroll tax.
5 years
We advance the credit to our clients at _____% interest?
0%
We use this third party software to create "payout accounts" for our clients
(For reference, a payout account is how we are able to securely transfer a company’s credit advancement into their bank account)
Stripe
What is Doug's dog (aka MainStreet's unofficial mascot) named?
Champ
Name 2 value props we have over a traditional accountant
Much less time consuming, MainStreet Guarantee/Audit protection, credit advancement, knowledge of more available credits, less expensive, etc.
Name 2 of the VC Firms that have invested in MainStreet?
Shrug Capital, Remote First Capital, Gradient Ventures,Backend Capital, Weekend Fund, SV Angel, Sound Ventures, etc.
Which part of the 4 part test does the following definition refer to? “You must demonstrate - through modeling, systematic trial and error or other methods - that you’ve evaluated alternatives for achieving the desired result”
Process of Experimentation
Per Nick’s rules, how much is a founder’s time worth
$10k/hour
$5,000,000
Under the MainStreet Guarantee, if it is found that the work that we have performed does not put a company in a better financial position after using our services, MainStreet will cover up to $_________ of fees and penalties, if necessary
Name 3 payroll tools that we currently integrate with?
ADP (Run and Workforcenow), Bamboo HR, Gusto, Insperity, isolved/Dominion Payroll, Justworks, Paylocity, Quickbooks (and Quickbooks Payroll), Rippling, Square Payroll, TriNet, Zenefits
This employee is our Director of Customer Success
Lizzy Bolze
Name 2 value props we have over another tax credit software platform
Time (much quicker), Accuracy, MainStreet Guarantee/Audit protection, credit advancement, more credits available, less expensive, etc.
MainStreet’s original plan was not to assist with tax credits. What did MainStreet used to help companies with prior to Tax Incentives?
Assisting with Remote Hiring, Recruiting, and relocating of new hires
This part of the four part test states that the purpose of a research activity must be to create a new or improved product or process, resulting in an increased performance, function, reliability, or quality?
Qualified Purpose
Aside from organic, which lead source gets us the most Marketing Qualified Leads?
Paid Ads
______ is the maximum amount that a company can claim against their payroll taxes in a single year?
$250,000
If a company files their taxes in April (Q2) 2021 for the 2020 tax year and is claiming the credit against their payroll taxes, what month are they expected to start repaying their credit advancement amount to MainStreet?
December
Name 2 PEO Systems/Services that we are compatible with
ADP, TriNet, JustWorks, Insperity, isolved/Dominion, Bamboo HR
Where is Chris located?
New Jersey
Which direct competitor of ours has an existing partnership/integration with Gusto?
Pilot
The first big press that MainStreet received occurred in November of 2019, well before MainStreet started processing R&D Tax Credits. What was the program that MainStreet announced that received the positive press?
Paying $10,000 to workers who volunteer to leave the Bay Area
As part of the 4 part test, the research and activities conducted must be technological in nature, meaning that they must involve at least one of the hard sciences. Give two examples of a hard science?
Engineering (Architecture, Defense Contracting, Engineering (All Disciplines), Telecommunications, and Aerospace.)
Software (IT/Software Development, Startups, Website Advertising and Marketing, and Internet Applications)
Manufacturing and Design (Apparel & Textiles, Brewing, Distillery, Winemaking, Consumer Food and Beverage, Foundry/Metals/Mining, Manufacturing, Oil and Gas, and Semiconductors)
Environmental & Life Sciences (Agriculture/Farming, Life Sciences, Medical Devices, Pharmaceutical, Waste Management, and Recycling)
These leads are considered "the best leads"
VC Leads
What dollar amount is the upper limit that a company can claim the R&D Credit against their income taxes in a single tax year?
Unlimited (No Limit)
If a company files their taxes in April (Q2) 2021 for the 2020 tax year and is claiming the credit against their income taxes, what month are they expected to start repaying their credit advancement amount to MainStreet?
May
_____ is the name of the software we use to help integrate with accounting tools
Codat
Ege worked for this doomed investment bank
Bear Streams
Clarus
This famous TV/Film Actor is one a co-founder of Sound Ventures, one of our earlier investors
Ashton Kutcher
What are all 4 parts of the 4 part test?
Permitted Purpose, Technological in Nature, Elimination of Uncertainty, Process of Experimentation
Per Nick’s rules, everything we send clients should be a _____