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As part of the Tax Cuts and Jobs Act, taxpayers will no longer have the option of expensing Section 174 costs and will be require to amortize them for tax years beginning after December 31, 2021. These costs include not only expenses included in the R&D Credit, but other costs related to research and development as well. While there is bipartisan support to delay or eliminate this requirement, it is important to understand the current legislation in order to properly plan for tax year 2022 and going forward.
In this webinar, we will discuss:
– What constitutes qualified research activities and expenses under section 174 and Section 41
– Legislative progress to delay or reverse Section 174 amortization requirements
– The impact of Section 174 amortization on taxpayers’ returns
– Strategies to implement for tax year 2022 and going forward to help minimize the impact of Section 174 amortization