Recent IRS Updates to the Application of R&D Credits
This article discusses the most recent publication from the IRS regarding requirements when applying for research and development tax credits. For example, the required information includes names of individuals who performed each research activity, all the information each individual sought to discover by business component, and all the business components that form the factual basis for R&D tax credits for the claim year. As it stands right now, these changes are enforced on January 10 and taxpayers have a one-year transition. In order to become compliant. However, “On February 4, a leading tax attorney—Robert J. Kovacev…argued that it was unfair of the IRS to change stipulations about submitting R&D tax credits via a legal memo.” Be sure to check out this link for more details and follow recent publications for the most up-to-date information!
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