The IRS has recently released two important updates regarding the research (R&D) tax credit. These updates aim to streamline the filing process and address taxpayer concerns.

IRS Updates R&D Tax Credit Refund Documentation Requirements

The first update discusses a significant change by the IRS, which, starting June 18, 2024, removes the need for taxpayers to provide the names of individuals conducting research and the specific information sought in R&D refund claims. This change aims to simplify the filing process while ensuring essential documentation is still maintained.

New Guidance on Changes to R&D Credit Reporting and Documentation: Form 6765

A similar update delves into the updated draft of the 2024 Form 6765, reflecting the IRS's response to taxpayer feedback. This new form, though more comprehensive than its predecessor, is less demanding than the 2023 proposed version.

Tim Mosier
Director

P 317.580.2182
E [email protected]

Alex Szarenski
Director

P 317.452.1910
E [email protected]