The IRS has released a draft of Form 6765, Credit for Increasing Research Activities (also known as the research credit). The agency revised the form to respond to external feedback received during a comment period. Now, the “business component information” section will be optional for qualified small business taxpayers and those with total qualified research expenditures of $1.5 million or less (with some exceptions). The IRS has also reduced the number of components and amount of information about components that must be reported by taxpayers that still need to provide such data. The new rules won’t be effective until tax year 2025. Here’s the draft: https://bit.ly/3RJbdWp
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