This article explains that in 2021 the IRS announced that “refund claims for section 41 research credits must include detailed information in five specific areas, with claims failing to meet these requirements deemed invalid. The IRS provided a one-year transition period during which examiners could correspond with taxpayers on the required information and give them 45 days to cure deficiencies.” Now, the IRS is considering extending the transition period which would be beneficial to small business owners seeking to take advantage of potential R&D tax credits. The IRS is also considering changes to Form 6765 to improve the efficiency of research credit exams. For more information on these changes, click the link!

To view this article, click HERE to access the original content.