E56: 5,000 Startups Later: Tax Lessons Every Founder Needs with Joe Faris

In this episode, Sasha Orloff talks with Joe Faris, founder of Accountalent, about his four decades of helping over 5,000 startups navigate tax and accounting challenges, covering critical founder lessons from 83B elections and R&D tax credits to payroll compliance and bookkeeping best practices that can save startups from costly mistakes and penalties. -- SPONSORS: Notion Boost your startup with Notion—the ultimate connected workspace trusted by thousands worldwide! From engineering specs to onboarding and fundraising, Notion keeps your team organized and efficient. For a limited time, get 6 months of Notion AI FREE to supercharge your workflow. Claim your offer now at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://notion.com/startups/puzzle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Puzzle 📈  No more waiting for month's end. No more manual reconciliations, just financials that keep up with you. Puzzle is leading a new movement with an AI first ledger, built for speed, automation, and real time decision making. Join today at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://puzzle.io/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- RECOMMENDED IN THIS EPISODE: https://www.linkedin.com/in/farisjoe/ https://accountalent.com/ -- X/SOCIAL: @sashaorloff (Sasha) -- TIMESTAMPS: (00:00) Preview (00:55) Intro (01:24) Meet Joe Ferris: Startup tax expert (03:24) Joe's journey: From Shell oil to startups (06:46) Birth of Accountalent (09:14) Navigating the financial crisis (13:32) Adventures in IPOs and legal battles (19:33) Sponsors: Notion | Puzzle (21:18) Lessons for founders: Payroll pitfalls (23:21) Introduction to payroll medic (23:39) Understanding tax compliance for startups (26:37) Importance of bookkeeping (27:55) Unbook keeper for founders (29:08) Setting up and managing bookkeeping systems (35:44) Role of RD tax credits (38:32) Lessons learned from working with startups (39:51) Impact of good accounting and tax strategy (42:29) Wrap