A Few Words
About Firestone
Driven to create value by reducing your tax burden
Based in beautiful North Idaho, Firestone specializes in helping companies obtain the maximum available R&D tax credit. Our purpose is to leverage this tax benefit to generate additional cash for businesses, allowing them to increase their profitability, improve the market value of their business and establish an annual tax savings vehicle for the future.
Firestone’s Story
Firestone was founded by Rance Hughes, a Certified Public Accountant who has focused on claiming and supporting R&D tax credits and other tax incentives since 2013. He obtained his Bachelor of Science in Accounting from Lewis-Clark State College before working at large public accounting firms prior to creating Firestone. He has delivered over $60 million in tax credits to his clients, and has successfully retained numerous tax credits that were scrutinized by the IRS and state tax authorities.
Nicole Pereyaslov joined Firestone in 2022 as Operations and Project Manager. She graduated in 2017 from Eastern Washington University with a Bachelor of Arts in Public Accounting and immediately began her career in the R&D Tax Incentives area. Nicole has previously worked at large public accounting firms including Clifton Larson Allen and Eide Bailly, as well as a small consulting firm. She has experience in a variety of industries including manufacturing, steel fabrication, engineering, robotics/automation, health, food, and software. She has a passion for learning which motivates her to actively engage with the clients she works with to learn what they do and how she can provide the most optimal services.
Nicole is involved in various activities within the Company including project management and preparation, process improvements/innovation, communication with clients and CPAs, and research to stay up to date on relevant law and technology changes. Nicole strives to provide excellent client service to create a smooth experience for everyone involved, as well as provide skills to optimize the performance of Firestone as a service provider.
Rance Hughes, Founder
Nicole Pereyaslov, Operations & Project Manager
Steps to Success
Firestone’s Process
#1
Investigate
This stage of the process is free — we consider it a mutual investment of time. If you will not benefit from the R&D tax credit, you pay nothing.
Each project begins with a meeting to identify areas within your company where eligible R&D expenses may be found. During the ensuing investigatory phase, Firestone works to understand your business and eligible activities. We gather relevant expense information, evaluate how your existing records and data could be leveraged to support your eligibility for the tax credit, and estimate the potential R&D tax credits available to you.
#2
Calculate
This stage involves finalizing the tax credit calculations and providing you with the information necessary to claim your tax credits on your tax returns. We perform a full technical analysis to apply R&D tax credit rules and regulations to your company, and work with you to define your development projects, analyze expenses to make qualification conclusions, and draft the final tax credit calculations. We then provide you with the tax forms and instructions necessary to claim the tax credit.
#3
Document
During this stage, we prepare schedules and memoranda supporting the expenses and credits claimed. These documents are constructed to provide support in the event of an audit by the IRS or state taxing authority.
Why Firestone?
Firestone believes that each R&D tax credit project is unique, because each company is unique. We invest the effort necessary to tailor our approach to calculating and supporting your R&D tax credit based on the way that you run your business.
The R&D tax credit is complex; we are determined to simplify it for our clients. We cut through the technical tax jargon to present our clients with the true tax savings resulting from the R&D tax credit.
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Let Firestone earn you a greater return on your R&D investment.