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September 15, 2023
2023-9008

BREAKING TAX NEWS | IRS releases preview of proposed changes to Form 6765, 'Credit for Increasing Research Activities'

The IRS has released a preview of proposed changes to Form 6765, "Credit for Increasing Research Activities," which taxpayers use to claim the research credit. If implemented, the changes likely would be effective as of the beginning of the 2024 tax year.

The changes include a new Section E, which would include five questions seeking additional taxpayer information, and a new Section F, which would require detailed reporting requirements for each business component.

The IRS also requests feedback on Section F and whether it should be optional for certain taxpayers (e.g., qualified small business). It points out, however, that making Section F optional "would not affect the requirement to maintain books and records and to provide Section F information in similar format, if requested." Taxpayers have until October 31, 2023, to submit comments.

A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Jennifer A Brittenham, legal editor

 

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