Headquartered in Denver, Colorado – Titan Armor’s software has defended over $30,000,000 in R&D Tax Credits and counting. Titan Armor is a division of Titan Engineering and was formed through an ongoing need surfacing in the market place. Timeline:
- In 1981, the R&D tax credit was put in place, but for 20 years it was only available to companies that were doing things that were considered patent
able.
- This changed in 2001, when Congress changed the definition of R&D to open up the credit to mid-market companies. However, claiming the research credit required engineering, accounting and legal analysis – which most accounting firms did not have. S0 – they started hiring R&D consulting firms at a very costly expense.
- Fast-forward to 2008 and the Treasury Department published guidance saying they disapproved of “year-end estimating” as a way of claiming the R&D credit. That was the very way these R&D consulting firms were claiming the credit at that time. During this turmoil within the accounting world – Titan Engineering was hired to build a custom software solution to help a client who was being audited during this time of transition. After sitting down with the IRS auditors and walking step-by-step through what they were looking for when deciding to allow or disallow research credits – Titan Engineering was able to piece together the first software solution capable of delivering exactly what the IRS wants to see and how they want to see it.
