The IRS has updated the process for taxpayers with research and development expenses to receive permission to change their accounting methods, based on changes in the recently enacted GOP tax law.
The agency on Thursday released Revenue Procedure 2025-28, which also provides procedures for making elections to amortize domestic research or development expenditures for taxable year beginning in 2025.
The revenue procedure grants an automatic extension of time to file tax and information returns applying the revenue procedure for taxable year 2024 through Sept. 15, 2025.
- The GOP tax law allowed businesses to fully deduct domestic research and development ...
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