As business owners and tax professionals await action by Congress to delay or repeal the changes made to IRC § 174 by the Tax Cuts and Jobs Act (TCJA), the Internal Revenue Service (“IRS” or “the Service”) today issued interim guidance regarding the application of the law as it exists today. Notice 2023-63 provides direction on a number of topics that lacked clarity under § 174 and the outdated regulations currently in place.

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Recent developments in the House and Senate highlight the ongoing efforts and indicate growing support for the restoration of Research and Development (R&D) tax breaks.

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On May 10, 2023, the Tax Court denied a motion for summary judgment from the Internal Revenue Service (IRS) against a construction firm claiming the Research and Development (R&D) tax credit (‘the credit’).

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In Washington DC on March 17th, 2023, a new bipartisan research & development (R&D) bill has been introduced by Senators Maggie Hassan (D-NH) and Todd Young (R-IN).

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Officially signed into law on December 27th, the recent omnibus Covid-19 relief bill H.R. 133 reversed the Service’s previous stance regarding the deductibility of PPP-related expenditures.

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