2026, accounted, business tax and tax services

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax

income tax Tax accounting standards accounting and finance

House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

JULY 26, 2023

Instead, the Act would allow taxpayers to currently deduct research and experimental expenditures that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. Taxpayer can elect to apply the broadened base to the 2022 taxable year or apply the broadened base to tax years starting in 2023.

Tax

Tax income tax Manufacturing accounting and finance

Accountant Advocate

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

House Ways and Means Committee Introduces Potential Tax Extender Bill

Webinars

Stay Connected