Last week the #IRS issued updated draft instructions for Form 6765, Credit for Increasing Research Activities. The upcoming changes reiterate the need for taxpayers to include supporting details for amended tax returns claiming the R&D #tax credit starting January 10, 2022 per FSA20214101F.
The draft instructions once finalized will require the following five items of information to be provided for each #business component:
1) factual basis of the claim,
2) research activities performed,
3) individuals who performed the research,
4) information each individual sought to discover, and
5) total qualified #research expenses for wages, supplies and contract #expenses .
Taxpayers should start to prepare for the #tax changes if filing an amended income tax return to claim missed #researchcredits.
If you’re interested in claiming the #researchtaxcredit or other opportunities to reduce your taxes, reach out to our team today for a free assessment of #taxcredits available.
Draft Instructions for Form 6765 (Rev. January 2023), as of January 12, 2023 can be accessed at https://lnkd.in/gEpxSEw7
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