Taxpayers Shouldn’t Wait for Guidance on R&D, Official Says (1)

Taxpayers shouldn’t wait for guidance on research and development cost amortization before filing, a Treasury official said Friday.

“For the unextended due date—sometimes people wait and anticipate certain things. I would say that this project is not imminent,” said Wendy Friese, tax policy advisor at the Treasury Department, at the American Bar Association Midyear Tax Meeting in San Diego.

“If you’re trying to file a return...I wouldn’t necessarily wait for guidance,” she said.

The 2017 tax reform law included a provision that requires companies to amortize their R&D costs over a period of five years, starting in 2022. ...