IRS News Release: Revised Draft Form for Research Credit (IRC §41)

Draft IRS Form 6765, Credit for Increasing Research Activities, the IRS released after receiving comments from various external stakeholders. The feedback and changes is intended to alleviate taxpayer burden, provide taxpayers with a consistent and predefined format and improve the information received for tax administration, the IRS stated. The changes, the IRS noted, include: (1) optional reporting of Section G for Qualified Small Business taxpayers (defined under I.R.C. §41(h)(1) and (2)), who check the box to claim a reduced payroll tax credit, or taxpayers with total qualified research expenditures equal to or less than $1.5 million; and (2) a ...