UPCOMING LIVE WEBINAR

The R&D Tax Credit in the Oil and Gas Industry

Date & Time: Tuesday, December 2, 2025 at 1:00 pm CT | Duration: 60 Minutes

R&D Tax Credits: 80% of companies that qualify don’t claim! Every year, companies throw away thousands or even hundreds of thousands of dollars because of simple misunderstandings surrounding the research and development (R&D) tax credit. Amendment claims can go back three years and in most situations produce sizable refunds for past R&D activities.

WEBINAR DETAILS

Title: The R&D Tax Credit in the Oil and Gas Industry

Date: Tuesday, December 2, 2025

Time: 1:00 pm – 2:00 pm Central Time

Cost: FREE

Learning objectives include:

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

CE/CPE credits: Worth one hour

Knowledge Level: Basic*

Field of Study: Taxation

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Why Choose Us

We are certified to the ISO31000:2009 Risk Management standard
We are NASBA certified and provide daily CPE credits to CPAs, CFPs, and SMBs
We are an IRS approved Continuing Education provider for CPAs and Enrolled Agents
We have an rated A+ with the Better Businese Beureau
Our R&D tax audit insurance product, creditARMOR is one of the most cost effective tools on the market
Our AI language model, TaxTrex prepares R&D tax credit claims in less than 90 minutes.
Each R&D tax claims prepared by Swanson Reed undergo a six eye review by a Qualified Engineer, Scientist and Enrolled Agent or CPA.

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Small businesses in the Oil and Gas industry can significantly benefit from the Research and Development tax credit by recouping costs associated with developing new technologies, improving drilling methods, or enhancing environmental safety. For startups with little to no income tax liability, the Research and Development payroll tax offset allows them to apply the credit toward payroll taxes—helping reduce one of their largest expenses. This incentive frees up cash flow, enabling continued investment in innovation and growth even in early stage operations.

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Oil and Gas Case Study

SafeMark Gas Experts, with over 40 years in gas detection, offers safety solutions to American infrastructure and resource companies, maintaining its reputation through regular R&D. In March 2013, SafeMark identified a need for a flammable material detection guard, leading to Project Flame Guard in April 2013. The project’s hypothesis was that SafeMark could design an improved guard with innovative features for detecting flammable materials. To qualify for the Research and Experimentation Tax Credit, SafeMark ensured its “qualified research” met The Four-Part Test developed by Congress. SafeMark declared several activities as R&D work, including the design and development of prototypes to achieve technical objectives, with experiments mainly consisting of computer modeling, conceptual engineering drawings, and mathematical calculations. These experiments were validated during the prototype development and testing phase. Background research to evaluate knowledge gaps and determine feasibility also qualified, encompassing literature reviews, consultations with industry professionals and suppliers, and preliminary equipment reviews. Ongoing analysis of customer feedback to improve prototype design, including efficiency and safety testing, development, modification, and commercial analysis, was also deemed eligible R&D. Qualified research is defined as research for developing new or improved business components, which can be any product, process, technique, invention, formula, or computer software intended for sale, lease, license, or use in the taxpayer’s trade or business. The Four-Part Test requires a permitted purpose (new or improved functionality), elimination of uncertainty, a process of experimentation, and activities that are technological in nature, relying on hard sciences. SafeMark maintained documentation such as background research, meeting notes, conceptual sketches, design drawings, and emails to prove its R&D activities and ensure compliance readiness for potential IRS audits. Click here to learn more.