Spun off from a global medical device leader and a world-class research university, Vocxi Health is the innovator of MyBreathPrint®. This noninvasive, early disease detection system provides accurate results with just one minute of breathing to detect cancer, neurological disorders, the presence of poisons and other illnesses. This breakthrough technology is currently being utilized in a clinic that is a world leader in cancer research and treatment.
As CEO of Vocxi Health, Ping Yeh sets the vision and strategy for the company and its culture, ensuring that he has the right people, processes and technology in place as the company scales. We recently spoke with Ping about his experience with ADP SmartCompliance for Tax Credits.
We can extend our runway as a startup and open up more opportunities with the money we’re saving.
Ping Yeh,
CEO
Vocxi Health
Challenges
- Lack of processes in place to identify R&D activities and any associated tax credits
- Needed assistance to identify as many tax credits as possible
How ADP helped
- After ADP investigated what constituted eligible activities for the R&D tax credit, Vocxi received approximately $150 thousand in federal tax credits and another $70 thousand in state credits. These tax credits in turn gave Vocxi more working capital.
ADP Solutions
- ADP SmartCompliance® for Tax Credits
Deciding it was time for a better approach to R&D tax credits
Before implementing ADP’s tax credit solution, Vocxi relied on its accounting firm to identify and quantify the tax credits to which Vocxi was entitled. Understanding that Vocxi was a young company, likely engaging in many tax credit activities, ADP approached Ping about looking at ADP’s solution for identifying and verifying R&D tax credits. “I saw a lot of alignment between ADP’s and Vocxi’s interests in finding as many R&D tax credits as possible,” Ping said. “We wanted to save money, and ADP was compensated based on finding those tax credits, so it was in both of our best interests that they did a thorough job.”
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