If your business has claimed the research credit under IRC Section 41 (commonly referred to as the “research and development,” or “R&D,” credit), listen up. The IRS has extended, through Jan. 10, 2025, the transition period for correcting research credit refund claims prior to the IRS’s final determination. During the extended transition period, the IRS will notify taxpayers of a deficient research credit refund claim. Taxpayers then have 45 days to correct their claims. Indeed, the claim must include what the IRS refers to as “five items of information.” The date by which a taxpayer must provide the missing information will be on the deficient claim notice. Contact us for more information.
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