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Our company has no other income except for the SBIR phase 1.
And even for the grant, it’s cost reimbursement, so all the money we received/reimbursed from NIH means we have spent them. In this situation, I have two questions,
1) Does this grant money we received from the reimbursement account for ‘Annual Income’ when we do the 2022 annual tax report
2) How about the 7% fee? Does it account for income?
Since this amount of money does not have to be reimbursed with any receipt.
Thanks a lot!We recommend that you talk to your tax accountant about this issue, especially relative to the 2017 Tax Cuts and Jobs Act modification to Section 174 that went into effect in 2022.
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