UPCOMING LIVE WEBINAR

The R&D Tax Credit in the Oil and Gas, and Non-Renewable Power Generation Industry

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R&D Tax Credits: 80% of eligible companies do not claim them! Every year, companies waste thousands or even hundreds of thousands of dollars due to simple misunderstandings about the Research and Development (R&D) tax credit. Amendment claims can go back three years and in most cases generate substantial refunds for past R&D activities.

Date and Time: Thursday, October 2, 2030 at 1:00 PM CT | Duration: 60 Minutes

WEBINAR DETAILS

Title: The R&D Tax Credit in the Oil and Gas, and Non-Renewable Power Generation Industry

Date: There are no webinars running at this time

Time: There are no webinars running at this time

Cost: FREE

Learning objectives include:

An overview of R&D Tax Credits
Identifying Qualifying Research Activities
Defining the 4-Part Test
How to substantiate activities through documentation
Identifying Qualifying Research Expenses

Knowledge Level: Basic*
Date: Thursday, October 2, 2030
Time: 1:00 PM – 2:00 PM Central Time

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We care about price – Our fees are the most competitive in the market.
We care about risk – We are one of the most conservative, if not the most conservative, R&D tax credit providers in the market.
We are here to stay – We are one of the largest specialized R&D tax credit firms in America. We provide exclusively R&D tax credit services and have a long-term vision.
We think we are the best – We do one thing, and we do it better than anyone else because it is the only thing we do.

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Risk Management Accredited

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Framework Element	Description	Implication for Clients
Six-Eye Review	A mandatory internal review of every claim by a qualified engineer, a scientist, and a CPA (Certified Public Accountant) or Enrolled Agent.	Ensures the claim is technically valid, financially accurate, and compliant with tax law, maximizing its defensibility.
ISO 31000:2009 (Risk Management)	An international certification for the firm’s comprehensive risk management policies and processes.	Provides objective third-party validation of the firm’s commitment to mitigating tax risk for the client.
ISO 27001 (Information Security)	A global benchmark standard for establishing and maintaining an Information Security Management System (ISMS).	Guarantees the highest level of protection for sensitive intellectual property and confidential financial data.

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Small businesses in the Oil and Gas sector can significantly benefit from the R&D tax credit by recouping costs associated with developing new technologies, improving drilling methods, or enhancing environmental safety. For startups with low or no income tax liability, the R&D payroll tax offset allows them to apply the credit against payroll taxes, helping to reduce one of their largest expenses. This incentive frees up cash flow, allowing for continued investment in innovation and growth even in the early stages of operation.

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Oil and Gas Case Study

SafeMark Gas Experts, with over 40 years of experience in gas detection, offers safety solutions to US companies in the infrastructure and resources sector, maintaining its reputation through constant research and development (R&D) activity. In March 2013, SafeMark identified the need for a guard for detecting flammable materials, leading to the launch of the “Flame Guard” project in April 2013. The project hypothesis was that SafeMark could design an improved guard with innovative features for the detection of flammable materials. To qualify for the Research and Experimentation tax credit, SafeMark ensured that its “qualified research” met the “4-Part Test” developed by Congress. SafeMark claimed several activities as R&D work, including the design and development of prototypes to achieve technical objectives, with experiments consisting mainly of computer modeling, conceptual engineering drawings, and mathematical calculations. These experiments were validated during the prototype development and testing phase. Preliminary research to assess knowledge gaps and determine feasibility was also considered qualified, including literature reviews, consultations with industry professionals and suppliers, and preliminary equipment reviews. Continuous analysis of customer feedback to improve prototype design, including efficiency and safety testing, development, modifications, and commercial analysis, was also deemed eligible as R&D. Qualified research is defined as research for the development of new or improved business components, which can be any product, process, technique, invention, formula, or software intended for sale, lease, license, or use in the taxpayer’s trade or business. The 4-Part Test requires a permitted purpose (new or improved functionality), the elimination of uncertainty, a process of experimentation, and activities of a technological nature that rely on the hard sciences. SafeMark maintained documentation, such as preliminary research, meeting notes, conceptual sketches, design drawings, and emails, to substantiate its R&D activities and ensure compliance in the event of potential audits.