InovativSolutions provides engineer consultation on legal and technical matters and tax and patent law targeting: Accounting firms, Law firms, Individual inventors, Colleges/Universities, Small businesses and Large, Mid-‐size and Small businesses.
We take pride in our ability to learn the fundamentals of virtually any industry or technology quickly. Some of the markets we have served include: Aerospace, Automotive, Chemical/Plastics, Construction, Food Science/Processing, High Technology/Computer Products, Manufacturing Petroleum (Exploration &Production), Petrochemical (Refineries), Semiconductor, Shipping, Software, Telecommunications, Utilities. Having said that, we believe that the value we bring to the table is not industry expertise — which you already possess in abundance — but rather an understanding of what the client likes and seeks in a potential opportunity.
Of course not. Nobody can make that guarantee (and if somebody ever makes that guarantee, it’s a good idea to run away quickly). However, good documentation is essential, but documentation alone will not avoid adjustments as a result of scrutiny but we can help you determine and present the most effective case supporting the fact patterns. Although we will do our best to prepare, we have no control over the examiner or how that examiner interprets the statutes.
Every situation is unique. However, we typically follow a 3 Phase process which includes the following:
Phase 1 – Assessment and Feasibility (at no cost to you)
• Initial discussion to understand your basic financial needs and obtaining an understanding of your company’s business and research and development activities.
• Overview of Section 41
• Perform due diligence addressing NOL’s, AMT, etc.
• Interview key personnel to understand organization structure, identify projects and identify departmental activity where potential qualifying research expenditures may be found and contemporaneous documentation to substantiate the qualified research expenditures.
• Perform high level need assessment i.e. base period calculations, qualifying costs, for an estimate of potential credit
• If full-scale study is warranted progress to Phase 2
Phase 2 – Full-Scale Study In Phase 2, our fieldwork entails coordination of logistics including:
• Site visits;
• Meeting scheduling;
• Resources and;
• Development of specific cost identification and documentation concept(s).
• Conduct additional research, as needed. Refinement of Phase 1
• Cost identification and;
• Documentation methodology To finalize the quantitative calculation and qualitative records.
Phase 3 – Reporting
• This final phase includes the preparation and delivery of the R&D Study and its quantitative and qualitative components, which will serve as the Company’s documentation supporting the R&D tax credits claimed.
• The Reporting phase also includes the calculations needed for the preparation of the required original and amended tax returns. The R&D report is designed and organized to allow for a clear audit trail for the IRS.
• The R&D Study / Technical Report is where all the arguments, documentation of qualification and quantification must coalesce into a coherent statement of who, why, when, where and how much. The Study will convey the credit being taken and the basis for such amount. For credit with varying qualitative issues, the report is critical.
Intellectual property (IP) is a creation of the intellect that includes copyrighted property such as literary or artistic works and ideational property such as patents, appellations of origin (trademarks), business methods (trade secrets) and industrial processes (know-‐ how). IP can also include research and development (R&D) through proactive monitoring of the R&D for patentability, evaluate trends, analyze opportunities to protect & leverage emerging technologies.
In general, the patenting process is as follows:
• Inventor drafts an Invention Disclosure describing the invention
• Inventor discusses the invention with an attorney or agent
• Attorney/Agent prepares an initial draft of the application
• Inventor(s) reviews the draft and makes changes as needed
• Attorney/Agent prepares the final draft and related documents and files the application
• Patent Office examines the application and provides an initial response
• Attorney/Agent and inventor(s) respond to the Patent Examiner accordingly
• Patent Examiner reviews response and additional responses are submitted if warranted
• Patent Examiner allows the application
• Inventor(s) pays the issue fee and Patent Office issue a patent for the invention
• Patent Attorneys are Patent Agents that have passed a State or Federal bar exam as well as the Patent Bar Exam. Patent Attorneys can file lawsuits.
• Patent Agents are usually career engineers and scientists who have passed the patent bar exam.
Either can represent the inventor equally at the USPTO, which makes no distinction between a Patent Agent and a Patent Attorney insofar as the work of preparing an application for a patent and conducting the prosecution in the Patent and Trademark Office.
Patent Agents cannot conduct patent litigation in the courts or perform various services, which the local jurisdiction considers as practicing law. For example, a Patent Agent could not draw up a contract relating to a patent, such as an assignment or a license, if the state in which he/she resides considers drafting contracts as practicing law.
We have found that many inventors just want someone to help them “sell their product” without asking any questions. We do not work that way, since it usually leads to failure. We can help you formulate a sound go-‐to-‐market strategy first, then help you commercialize your technology product or service. If you already have a solid go-‐to-‐ market plan, with real market data and analysis to back it up, we can quickly jump into the execution phase.
Most of our clients insist on strict confidentiality, so we cannot divulge any information about them beyond their industry and a general description of the type of services we provided them.
For a typical engagement, the typical time to completion is 35-‐40 hours. The actual time can be influenced by the quality of your existing materials, the level of your participation, the complexity of your market and our current workload. Some very simple projects can be completed in just a few days, whereas more complex projects can extend over several weeks.
We remain available, at no extra charge, to answer follow-‐up questions, provide advice, and to make minor changes to the documents we produced for you.
In general, we charge a pre-‐determined fixed fee. The fee is determined by:
• The scope and complexity of the project, in terms of the tasks and documents you require help with.
• Your specific business needs.
• The quality and availability of company information and any other existing contemporaneous documents.
• Your availability and willingness to participate in the engagement.
• The desired timing relative to our workload. In general, “rush” jobs will carry a substantial premium over projects that can be completed within normal scheduled timing.
• If there is no potential benefit, there are no fees to pay.
Incidentally, if you are “price shopping,” you should know that price doesn’t tell the whole story. Hypothetically, would you choose one car over another simply because of price? Of course not – there are many dimensions you need to consider.
Gladly. We prefer to use a Mutual NDA so that our own intellectual property can be protected as well.
We are headquartered in the Houston Texas area. However we have done consulting work nation wide. We rely heavily on the phone, e-‐mail, fax, and online meeting tools, and in some cases never met some of our clients face-‐to-‐face. If desired, we are available to visit you at your offices for a day or two at a time.