The IRS is extending the research credit’s transition claim period through Jan. 10, 2026. Taxpayers must provide significant documentation when submitting a claim for the research credit. (The credit is also called the research and development, R&D, or research and experimentation credit.) The IRS provides a 45-day transition period to taxpayers who fail to comply with the documentation requirements before the tax agency’s final claim determination. The IRS also updated the documentation taxpayers must provide. For example, taxpayers must identify all business components to which the research credit claim relates for that year. For more information: https://bit.ly/4fL43eb
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