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R&D Case Study: Construction and MEP

Franklin Chow on September 30, 2023

Case Studies

R&D Tax Credits for Construction & MEP Businesses

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Construction and MEP

In the Architecture, Engineering, and Construction (AEC) sector, R&D tax credits aren’t just for traditional engineering and design activities. Construction and MEP firms can also claim these benefits for a variety of innovative endeavors, from custom system design to novel construction methods. This Source Advisors case study explores how one construction firm leveraged these opportunities to achieve significant tax savings and fuel ongoing innovation.

About the Company

This full-service construction firm provides an array of services including Mechanical, Electrical, and Plumbing (MEP) engineering, and operates across the United States. They serve various sectors including Corporate, Cultural, Healthcare, Education, and more.

The Challenges

In a sector rife with complex requirements and considerations ranging from public safety to energy efficiency, the company engages in extensive R&D activities. These include evaluating building plans, developing MEP engineered systems, and implementing advanced construction techniques.

What Qualified as R&D?

Activities qualifying for R&D tax credits were numerous and involved the conceptual design phase, including energy and utility system assessments, architectural schematic reviews, and alternative MEP system discussions. Special focus was on electrical distribution systems, plumbing system design, and HVAC technologies. The company utilized advanced software like BIM and AutoCAD for detailed analyses, and often had to adapt their designs due to public access and safety concerns.

The Source Advisors Solution

After an initial feasibility analysis, Source Advisors engaged in a deep dive into the company’s construction and MEP activities to calculate potential R&D tax credit benefits.

Detailed Analysis

We evaluated every stage of the construction process, from design to implementation, identifying all qualifying R&D activities.

Financial Impact Assessment

Our team reviewed the company’s financial records, identifying the expenditures related to qualified R&D activities. An accurate estimate of the potential tax credits was calculated.

Compliance Checks

All identified R&D activities were cross-verified against federal and state tax laws to ensure they met the necessary legal criteria for claiming R&D tax credits.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
average annual tax credit

This financial leverage is essential for the firm to continue its work in developing innovative and safe construction solutions.

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Get Started Today!

Don’t miss out on the valuable tax credits that could boost your businesses growth.

Contact Source Advisors to discover the untapped R&D tax credits that could significantly benefit your construction or engineering firm.

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R&D Case Study: Electrical Design

Franklin Chow on September 30, 2023

Case Studies

Unlocking R&D Tax Credits for Electrical Design

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Electrical Design

Even in a traditional industry like electrical contracting, there are frontiers of innovation to explore. Dive into this case study to learn how Source Advisors unlocked a treasure trove of R&D tax credits for one of the area’s most respected electrical contracting companies.

About the Company

Founded in 1948, this electrical contracting firm is a cornerstone in their community. It has evolved over time to include not just commercial and residential electrical services but also low voltage services to meet growing market demands.

The Challenges

Beyond the standard installation and maintenance services, the company invests in custom electrical designs to meet specific customer needs. This involves research, multiple design revisions, and testing, adding layers of complexity and financial risks to the projects.

What Qualified as R&D?

The company’s design activities, which involve a rigorous process of research, evaluation, and testing of electrical systems, components, and applications, qualified for R&D tax credits. These activities were conducted by both in-house engineers and third-party vendors, making the case more intricate but equally eligible for substantial tax benefits.

The Source Advisors Solution

Source Advisors stepped in following a referral from a business acquaintance. A feasibility analysis was first conducted to give an estimate of the potential R&D tax credit benefits.

Detailed Analysis

Thoroughly evaluated all custom design activities and the roles of third-party vendors in those projects.

Financial Impact Assessment

Carried out a meticulous financial study to estimate potential R&D tax credits.

Compliance Checks

Source Advisors educated the company’s team on R&D tax rules and identified the specific activities that qualified for tax credits, even fine-tuning third-party contracts to ensure compliance.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in Combined Federal and State R&D Tax Credits

This allowed the company not just to offset its payroll tax but also to take the credit against their normal tax liability, due to their highly successful first year.

Request Feasibility Analysis

Get Started Today!

Don’t miss out on the valuable tax credits that could boost your businesses growth.

Contact Source Advisors today to explore how we can unlock tax advantages for your company.

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R&D Case Study: Electronics Manufacturer

Franklin Chow on September 30, 2023

Case Studies

R&D Tax Credits in Electronics Manufacturing

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Electronics Manufacturing

From developing automation software to engineering custom fixtures, R&D in electronics manufacturing is anything but simple. Dive into this case study to discover how Source Advisors helped a seasoned electronics manufacturer claim substantial R&D tax credits.

About the Company

With over 30 years of industry experience and a dynamic team of 70+ employees, this electronics manufacturer provides a full range of services, from material evaluation and procurement to cable and wire harness production, printed circuit board (PCB) population, and complete electromechanical assemblies.

The Challenges

Managing diverse projects for a wide-ranging customer base necessitates continuous innovation. Each project presents its own set of R&D challenges, whether it’s developing automation software or creating custom-engineered fixtures for specific manufacturing components.

What Qualified as R&D?

Key qualifying activities included the development of automation software for component storage and delivery systems, as well as the design and testing of custom-engineered fixtures for precision manufacturing. Both involved multiple design iterations, material selections, and functionality tests.

The Source Advisors Solution

Source Advisors took a deep dive into the company’s varied R&D activities.

Detailed Analysis

Our team conducted an in-depth review of the company’s varied R&D activities, examining the complexity, required skill sets, and associated costs involved.

Financial Impact Assessment

We scrutinized financial records, looking at labor costs, material expenditures, and other overheads. Based on this, we calculated the potential tax credits that the company could realize.

Compliance Checks

The R&D activities identified were thoroughly checked against federal and state tax laws. We ensured that all supporting documentation met the criteria necessary for claiming R&D tax credits, making them audit-proof.

The Results Speak for Themselves

Source Advisors exceeded initial expectations by identifying R&D tax credit opportunities that resulted in:

$ 0
in realized credits
0 %
increase in federal credits over the next five-year period.

These tax savings have been instrumental for the firm, allowing further investment in innovative software solutions and strategies, thereby maintaining their competitive edge.

Request Feasibility Analysis

Get Started Today!

Don’t let potential R&D tax credits go unclaimed. Your next innovation might just be waiting for that financial push.

Contact Source Advisors today to explore how we can unlock tax advantages for your company.

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R&D Case Study: Financial Services

Franklin Chow on September 29, 2023

Case Studies

Unlocking R&D Tax Credits in the Financial Services Industry

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Financial Services

In the high-stakes arena of hedge fund management, staying ahead of the curve is essential. This case study sheds light on how Source Advisors helped a mid-sized, seasoned hedge fund unearth untapped value through R&D tax credits.

About the Company


Founded over 15 years ago, this mid-sized hedge fund manages around $5 billion in assets primarily for pensions, endowments, and foundations. With strategies that span various asset classes globally, the company has positioned itself as a major player in the financial industry.

The Challenges

In a field that demands quick decision-making and high-risk management capabilities, the hedge fund had to develop its own proprietary software for trading and risk management. These sophisticated systems required continuous R&D to adapt to volatile market conditions, meet strict compliance requirements, and offer a competitive edge.

What Qualified as R&D?

The firm’s software development activities involved extensive research, testing, and collaboration among traders, developers, and risk managers. Projects typically ranged from developing advanced trading algorithms to building comprehensive risk management systems. The R&D was an ongoing, iterative process aimed at optimizing the firm’s trading performance and risk management capabilities.

The Source Advisors Solution

Before the engagement, Source Advisors conducted an initial feasibility study to establish a framework for potential tax credits. This was a decisive factor for the hedge fund in choosing Source Advisors over competitors.

Detailed Analysis

Our team scrutinized the specifics of the hedge fund's software development projects, considering factors like complexity, required skills, and associated costs.

Financial Impact Assessment

We reviewed various types of expenses, including labor, third-party software integrations, and other overhead costs. Based on this analysis, we calculated the potential R&D tax credits the firm could claim.

Compliance Checks

We ensured that the identified R&D activities met federal and state tax laws, including rigorous checks on supporting documentation, to ensure they were audit-proof.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in annual tax credits

These tax savings have been instrumental for the firm, allowing further investment in innovative software solutions and strategies, thereby maintaining their competitive edge.

Request Feasibility Analysis

Get Started Today!

Don’t let potential R&D tax credits go unclaimed. Your next innovation might just be waiting for that financial push.

Contact Source Advisors today to explore how we can unlock tax advantages for your company.

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R&D Case Study: Health and Pet Care

Franklin Chow on September 29, 2023

Case Studies

R&D Tax Credits for Health and Pet Care Industry

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Health and Pet Care Industry

In an industry where well-being is paramount, R&D is the cornerstone for innovation. Discover how Source Advisors transformed the R&D tax credit landscape for an industry-leading company specializing in health and pet care.

About the Company

For over 25 years, this company has been a stalwart in promoting healthy lifestyles and pet care through extensive research and development. Not only have they set high benchmarks in production standards and quality control, but their work is also widely recognized and published in medical and veterinary journals.

The Challenges


Managing a multi-disciplinary team, adhering to stringent regulatory standards, and refining products through a constant cycle of testing and reformulation present the company with a unique set of challenges in R&D.

What Qualified as R&D?

The company engages a multi-disciplinary team comprising the R&D Laboratory, New Product Development, Analytical Chemistry, Project Managers, and the Executive Team in its R&D cycle. From investigating pharmacokinetics across different species to developing accurate testing assays, their work covers a broad spectrum of research activities. All these tasks contribute to the final product, whether it be in liquid, tablet, or powder form, ensuring its efficacy and safety.

The Source Advisors Solution

Source Advisors partnered with the company to not just be a service provider but an educational resource as well. Our detailed understanding of the R&D process in health and pet care made us more than a consultant; we became a decade-long strategic partner.

Detailed Analysis

We conducted a thorough review of the company's multi-faceted R&D activities, focusing on everything from pharmacokinetics studies to assay development, thereby identifying all qualifying expenses.

Financial Impact Assessment

We scrutinized financial records, covering labor costs, supplies, overheads, and other R&D-related expenditures, to calculate the potential federal and state tax credits that the company could claim.

Compliance Checks

Our team ensured that all identified R&D activities and expenditures were in compliance with federal and state tax laws, making the claims audit-proof and optimizing the company's tax benefits.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0 +
in combined federal and state tax credits

These significant savings have allowed the company to continue investing in further R&D activities and to expand its range of innovative products for health and pet care.

Request Feasibility Analysis

Get Started Today!

Don’t miss out on the potential to maximize your R&D tax credits. Source Advisors can help you identify, claim, and sustain these valuable tax benefits.

Contact Source Advisors today to explore how we can unlock tax advantages for your food or beverage company.

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R&D Case Study: Tool and Die

Franklin Chow on September 27, 2023

Case Studies

R&D Tax Credits for Tool and Die Industry

A Comprehensive Source Advisors Case Study

R&D Tax Credits for a Tool and Die Company

The Tool & Die industry is a hive of innovation, with companies constantly pushing boundaries in engineering and design. However, many firms are unaware that their R&D efforts could qualify them for significant tax credits, potentially saving them thousands or even millions of dollars.

About the Firm

With four decades of experience, this Tool & Die company has excelled in creating high-quality dies for a variety of sectors. Their expertise spans from initial design to the finished product, always meeting client specifications with utmost precision.

The Challenges

Despite their successes, the company faced challenges in funding their extensive R&D efforts. The competitive nature of the industry required continual innovation but at a financial risk. They were looking for ways to mitigate this financial burden to continue their pioneering work.

What Qualified as R&D?

For this firm, R&D started with initial client discussions and went all the way to the final product. Key qualifying activities included exhaustive 3D modeling, finite element analysis, and numerous iterative cycles of prototypes and validation efforts. Each of these stages presented its own set of complexities but were essential for delivering a quality product.

The Source Advisors Solution

The company was introduced to Source Advisors through a referral from their CPA. Source Advisors specialized in identifying projects and expenditures that could qualify for R&D tax credits. They quickly moved into a “feasibility” phase to remove any uncertainty surrounding the R&D credit process.

Feasibility Analysis

Source Advisors began by conducting interviews and assessing documentation to identify the full scope of qualifying R&D activities. This comprehensive groundwork laid the foundation for a successful tax credit claim.

Financial Impact Assessment

Our specialized financial tools estimated potential tax credits, providing valuable insights for the firm’s financial strategy and resource allocation.

Compliance Checks

Source Advisors ensured that all documentation aligned with R&D tax credit regulations. We prepared all forms, schedules, and supplemental materials, making certain that the company was in full compliance with tax laws.

The Results Speak for Themselves

The company successfully qualified for significant R&D tax credits, not just for the initial project but also for multiple other initiatives. These credits have been consistent year after year. After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in qualifying R&D expenses
$ 0
in Annual tax credits

With the assistance of Source Advisors, the company not only secured substantial financial benefits but also gained the expertise to continue maximizing their R&D tax credits in the years to come.

Request Feasibility Analysis

Get Started Today!

Source Advisors dives deep into a company’s structure and research activities to maximize both federal and state R&D tax credits.

Contact Source Advisors to turn your R&D investments into financial advantages.

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R&D Case Study: Plastics and Injection

Franklin Chow on September 27, 2023

Case Studies

R&D Tax Credits for Plastics and Injection Company

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Plastics and Injection Company

From redesigning customer prototypes for mass production to pioneering new fabrication techniques, R&D in the plastics industry is a complex venture. Uncover how Source Advisors aided an industry leader in amplifying their R&D tax credits.

About the Company

This plastics company has been a vanguard in industrial plastics applications. Offering services like urethane casting, thermoforming, machining, and plastic injection molding, the company continuously evolves to meet the demands of new industries and applications.

The Challenges

Each customer request ignites a multi-faceted R&D challenge. Whether it’s determining the ideal production method or ensuring the product meets quality and regulatory standards, the company’s varied departments come together to solve complex problems.

What Qualified as R&D?

The company’s R&D activities span from preliminary engineering analyses to developing custom tooling for production. Qualifying activities include redesigning customer prototypes, experimenting with molds and casts, and iterative trials to meet quality and performance standards.

The Source Advisors Solution

Before diving into the project, Source Advisors conducted a preliminary feasibility analysis to set potential credit expectations and explain the process. This was crucial for the packaging company in choosing us over other providers.

Detailed Analysis

Comprehensive review of the company’s wide-ranging R&D activities, including production methods and custom tooling. This lead to an initial find of $900,000 in qualified research activities.

Financial Impact Assessment

Examination of financial records to calculate the potential tax credits. Our continuous engagement and financial analyses have provided the company with insights that have been pivotal in their long-term strategic planning.

Compliance Checks

Our team made sure that all R&D claims were supported by robust documentation, making them audit-proof and securing the credits they deserved.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0 +
in annual R&D tax credits

Through our targeted efforts, Source Advisors has not just identified tax-saving opportunities for the company but has also enabled them to channel these savings into avenues for sustainable growth and innovation.

Request Feasibility Analysis

Get Started Today!

Don’t miss out on the valuable tax credits that could boost your businesses growth.

Contact Source Advisors today to explore how we can unlock tax advantages for your food or beverage company.

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R&D Case Study: Mortgage Banking

Franklin Chow on September 27, 2023

Case Studies

R&D Tax Credits for Mortgage Banking Businesses

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Mortgage Bankers

The mortgage banking industry is not typically recognized for its R&D initiatives, yet many companies in this sector engage in extensive research and development, especially in the realm of software development. Innovations in financial software can revolutionize loan origination, underwriting, and servicing, providing customers with lower rates and a better overall experience. Tax credits for R&D activities in this industry can significantly boost a company’s bottom line, but claiming these credits is often a challenging endeavor.

About the Firm

With over 20 years in the mortgage banking industry, this firm has established itself as a market leader offering cutting-edge loan products. The firm has branches and loan officers nationwide, and relies heavily on its proprietary financial software to originate, underwrite, close, and fund loans efficiently and economically.

The Challenges

Navigating the complexities of R&D tax credits presents unique challenges for this company. The ever-shifting landscape of the industry continually alters the functional requirements of their software platform. This complicates the task of pinpointing which aspects of the software development qualify as research and development. The firm also faced hurdles in managing an agile development framework, which, while efficient, required meticulous documentation to qualify for tax credits.

What Qualified as R&D?

The company’s unique software platform required extensive research, development, and testing. Developed within an agile framework, the software had various aspects that qualified for R&D credits. This included everything from initial high-level architecture design to active development cycles, often referred to as “sprints.”

The company also engaged in rigorous validation processes, involving multiple departments to run newly developed modules through comprehensive testing phases. These activities were pivotal in refining the software and fell under the category of R&D as they led to technological advancements in the mortgage banking industry.

The Source Advisors Solution

Source Advisors was introduced to this mortgage banking company through an industry contact. After conducting a preliminary assessment, we found that the firm had significant untapped potential for claiming R&D tax credits, particularly related to their software development activities.

Feasibility Analysis

Conducted an exhaustive evaluation of the firm's agile software development activities, identifying qualifying R&D tasks.

Financial Impact Assessment

Estimated the financial implications of claiming R&D tax credits, showcasing the significant potential for cash flow improvement..

Compliance Checks

Assured that the company’s software development activities and associated documentation were in line with prevailing tax laws and regulations.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in combined federal and state tax credits

By optimizing the company's approach to R&D tax credits, Source Advisors was instrumental in uncovering substantial financial benefits, helping the firm continue its innovative journey in the mortgage banking industry.

Request Feasibility Analysis

Get Started Today!

Source Advisors dives deep into a company’s structure and research activities to maximize both federal and state R&D tax credits.

Contact Source Advisors to turn your R&D investments into financial advantages.

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R&D Case Study: Metal Fabrication

Franklin Chow on September 27, 2023

Case Studies

R&D Tax Credits for Metal Fabrication

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Metal Fabrication

While it may not be immediately apparent, R&D plays a crucial role in advancing the methods and techniques used in metal fabrication. However, identifying and claiming R&D tax credits in this multifaceted industry can be intricate, involving detailed assessments of manufacturing processes and product designs.

About the Firm


With over 40 years of experience, this company specializes in metal fabrication techniques designed to mitigate metal fatigue and failure. Serving industries from aerospace and automotive to energy and defense, their extensive expertise has made them an industry leader.

The Challenges

In their four decades of operations, the company has focused primarily on R&D surrounding manufacturing processes. While they possess deep technical knowledge, they faced challenges in deciphering which activities qualified for R&D tax credits. Their work in stamping, molding, and tooling involved complex calculations, computer models, and multiple prototype iterations, all of which needed to be meticulously documented for claiming tax credits.

What Qualified as R&D?

The company’s unique software platform required extensive research, development, and testing. Developed within an agile framework, the software had various aspects that qualified for R&D credits. This included everything from initial high-level architecture design to active development cycles, often referred to as “sprints.”

The company also engaged in rigorous validation processes, involving multiple departments to run newly developed modules through comprehensive testing phases. These activities were pivotal in refining the software and fell under the category of R&D as they led to technological advancements in the mortgage banking industry.

The Source Advisors Solution

Source Advisors was introduced to this mortgage banking company through an industry contact. After conducting a preliminary assessment, we found that the firm had significant untapped potential for claiming R&D tax credits, particularly related to their software development activities.

Feasibility Analysis

Conducted an exhaustive evaluation of the firm's agile software development activities, identifying qualifying R&D tasks.

Financial Impact Assessment

Estimated the financial implications of claiming R&D tax credits, showcasing the significant potential for cash flow improvement.

Compliance Checks

Assured that the company’s software development activities and associated documentation were in line with prevailing tax laws and regulations.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in combined federal and state tax credits

By optimizing the company's approach to R&D tax credits, Source Advisors was instrumental in uncovering substantial financial benefits, helping the firm continue its innovative journey in the mortgage banking industry.

Request Feasibility Analysis

Get Started Today!

Source Advisors dives deep into a company’s structure and research activities to maximize both federal and state R&D tax credits.

Contact Source Advisors to turn your R&D investments into financial advantages.

Related Case Studies

R&D Case Study: Mechanical Engineering

Franklin Chow on September 27, 2023

Case Studies

R&D Tax Credits for Mechanical Engineering

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Mechanical Engineering Companies

Mechanical and industrial engineering is an industry that constantly evolves through innovation. Renovating complex systems like those in pharmaceutical manufacturing plants often requires significant R&D efforts. Although often overlooked, such activities can qualify for R&D tax credits, but many firms struggle to identify what counts and how to claim these credits effectively.

About the Firm


A leading player with a $68 million valuation, this mechanical and industrial engineering firm was engaged to renovate two buildings in a pharmaceutical manufacturing plant. The project entailed the design and installation of new equipment, process piping, and utilities piping systems.

The Challenges

The firm faced intricate R&D challenges while renovating the pharmaceutical manufacturing plant. They needed to design new piping systems that integrated with existing ones without affecting flow rates. Given the complex engineering involved and the difficulty in determining what could qualify for R&D tax credits, they sought out professional guidance.

What Qualified as R&D?

In this project, R&D was evident in the design of new piping systems, the incorporation of existing pipes, and the need to maintain optimal flow rates. Activities included evaluating multiple alternatives for pipes, utilizing computer-aided design software, and developing various system layout options. These activities qualified for R&D tax credits as they involved uncertainties that were systematically resolved through a cycle of design, testing, and analysis.

The Source Advisors Solution

Upon referral from their CPA, the firm chose Source Advisors to explore the possibility of R&D tax credits for the company.

Services Delivered

Feasibility Analysis

Our team initiated the engagement with an in-depth review of the firm’s projects and processes. We interviewed key project stakeholders, reviewed documentation, and applied our tax code expertise to map out qualifying R&D activities.

Financial Impact Assessment

Utilizing our proprietary financial modeling tools, we estimated the total tax credits the firm could claim. This informed the firm's financial planning, enabling them to allocate resources more efficiently.

Compliance Checks

We documented all the identified qualifying activities and related expenses, aligning them with the requirements under section 41 of the IRC. Additionally, our team prepared all the necessary submission forms, schedules, and supporting documentation to ensure a smooth claim process.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in annual R&D tax credits

By leveraging our expertise, the firm not only claimed tax credits for the initial project but also for numerous additional initiatives. This has led to a continuous relationship with Source Advisors, ensuring they maximize their R&D tax credits year after year.

Request Feasibility Analysis

Get Started Today!

Source Advisors dives deep into a company’s structure and research activities to maximize both federal and state R&D tax credits.

Contact Source Advisors to turn your R&D investments into financial advantages.

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