What CPAs Should Prepare based on 2024 Proposed Changes to Form 6765
Form 6765 is undergoing significant changes for tax year 2024. The changes are expected given the amount of attention the R&D tax credits have received by taxpayers, espcically for taxpayers claiming payroll refunds. Return-preparing CPAs and EAs should be aware that there are details requested as disclosure on the proposed new form, and the quality […]
How to Minimize Tax Impact From Section 174 Capitalization
Recent changes in tax regulations have significantly impacted how businesses handle research and development (R&D) expenses, especially concerning Section 174 of the Internal Revenue Code. Under the new rules, certain R&D costs must be capitalized and amortized over a five-year period for U.S. expenses and 15 years for foreign expenses. This shift has left many […]