R&D Tax Credits for Oil & Gas
Founded more than 30 years ago, this company designs, develops, and manufactures custom seals and gaskets for various applications and industries. Rather than concentrating its efforts on high-volume mass production, the company designs and manufactures highly specialized, custom-produced seals and gaskets.
R&D Tax Credit Qualification for Oil & Gas
Several years ago, the company decided to primarily develop custom products rather than standard products due to ever-changing customer requirements. Production software used in manufacturing equipment was also custom-designed to meet the company’s needs. The product and process development at this firm is collaborative between management, technical sales, engineers, and field personnel. Detailed design specifications were created and implemented. Potential form, fit, material, and performance issues were addressed by the company. Engineers developed different design alternatives to choose and refine the most appropriate product. This phase of development is often documented design and operational specifications. The government’s process included system definition, review, preliminary design review, critical design review, and review of operational specifics and parameters. Prototyping, modeling, and testing were iterative and continuous, from the very first conceptual designs that transferred to engineering, to submission for government reviews. Failures had to be remedied before the project could progress.
R&D Tax Credits with GOAT.tax
With our consultative approach to the research and development tax credit, we invest time understanding each client’s history, current business direction, and future growth objectives. Each year we re-evaluate a company’s ability to accept the tax credit and provide on-going recommendations to improve the R&D tax credits process.