IRS Issues Private Letter Ruling Granting Extension to File Statement for Research Expenditure Accounting Method Change

The IRS issued a private letter ruling on I.R.C. §174 and Treas. Reg. §301.9100 granting a 60-day extension to file a statement instead of Form 3115 for changing the accounting method for specified research or experimental expenditures for the first taxable year beginning after December 31, 2021. [PLR 202607018]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.