Avoiding Accidental Tax Fraud | Startup Finance Basics w/ Kruze's Scott Orn | E1849
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 16 November 2023
⏱️ 22 minutes
🧾️ Download transcript
Summary
Today’s show:
Kruze’s Scott Orn joins Jason to discuss navigating potential ERC fraud (00:45), expected year one spend for startups (11:54), importance of accounting from Day 1 (15:22), and more!
*
Time stamps:
(0:00) Kruze’s Scott Orn joins Jason.
(0:45) Navigating Employee Retention Credit (ERC) and spotting fraud, and the importance of CPA expertise
(9:01) The difference between building software and R&D
(11:54) Expected year one spend for startups
(15:22) Importance of accounting from day 1
*
Check out Kruze: https://kruzeconsulting.com
*
Follow Scott:
https://www.linkedin.com/in/scottorn
*
Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
Follow Jason:
Twitter: https://twitter.com/jason
Instagram: https://www.instagram.com/jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
*
Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
*
Subscribe to the Founder University Podcast: https://www.founder.university/podcast
Transcript
Click on a timestamp to play from that location
| 0:00.0 | All right, everybody, welcome back to Start Up Basics. |
| 0:02.9 | I love doing this series because I got a lot of friends in the industry. |
| 0:06.1 | They help my startups do things right |
| 0:08.8 | so that they can focus on their product, their team, |
| 0:11.0 | and their customers and not worry about the risk of ruin |
| 0:14.0 | that comes from illegal, a human resources, |
| 0:17.0 | or most commonly, actually, an accounting |
| 0:20.6 | or finance problem with me. My good friend Scott Orrin from Cruz. |
| 0:24.8 | Cruz is an accountant consultancy that does a ton of startups. They got 800 customers |
| 0:29.0 | I believe something crazy like that. |
| 0:30.4 | Yep, that's us. 800. That's you. 800 and it's a lot of startups and man startups |
| 0:37.0 | love what you do you guys always have that white glove service you take |
| 0:39.9 | care of the two-person startup as well as you take care of the 200 so we're we really are |
| 0:43.7 | thankful for that today on startup basics I get a lot of my startups talking to me |
| 0:48.9 | about this employee retention credit ERC and you and you hear these like, they kind of sound like drive-by |
| 0:57.2 | asbestos lawsuit people, but people are getting bombarded with emails, |
| 1:01.2 | hey, you got to get your employee retention credit, it's free money, |
| 1:04.4 | don't listen to your accountants. Explain to us what ERC fraud is on why startups and VCs need to be aware of this and to not take chances. |
| 1:15.0 | Yeah, you got to be super careful. |
| 1:16.7 | Employer attention tax credits were a COVID era stimulus. |
| 1:20.9 | And there's a ton of good stuff that came out of that error like the |
| 1:23.9 | PPP was really helpful kept a ton of startups alive. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Jason Calacanis, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Jason Calacanis and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.