Plans for Two Major Changes to R&D Credits
This article dissects the new legislation from the IRS that requires more documentation for those filing research and development tax credits. The IRS gave a three-month warning, and these changes are expected to be forced on January 10. In addition to more substantive documentation, there is also a chance that taxpayers “will no longer be permitted to enjoy immediate expensing of research costs.” If this becomes law, strategies such as cash flow planning, various accounting methods, and FASB ASC Topic 740 should all be in the back of the minds of business owners and CPAs alike. Be sure to check out this link for more information and details on how to best prepare and position yourself through various tax legislation changes.
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