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On October 15, 2021, the IRS released Chief Counsel advice memorandum 20214101F, which provides guidelines for the information that taxpayers will need to submit for a valid Sec. 41 Research Credit refund. This new requirement provides more clarity on how to successfully seek refunds on amended tax returns and helps legitimize retroactive research credit claims, but it is important to understand why this memo was released and what information is required to satisfy it. Additionally, there are still many questions from taxpayers that need to be addressed by the IRS. This webinar discusses:
– What constitutes qualified research activities
– The background of Memo 20214101F and why it was released
– What we know about the new requirements
– What questions regarding the new requirements still need addressed