In a letter dated July 31, 2025, the American Institute of CPAs (AICPA) pressed the Department of the Treasury (and IRS) for immediate guidance on the application of Section 174A, which governs domestic research and experimental expenditures for eligible small business taxpayers Under a provision of recent legislation (Sec. 70302 of H.R. 12), eligible small businesses may … Read more
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, finally fixed Section 174—bringing back immediate expensing of domestic R&D expenses starting in tax years beginning after December 31, 2024. But the law left a big question unanswered: How and when will the IRS issue procedural guidance to implement the changes? As businesses, CPAs, and tax advisors … Read more
Congress has officially passed a long-awaited fix to the R&D tax rules. With the enactment of Section 174A, businesses can once again immediately deduct domestic research expenses—eliminating the burdensome capitalization requirements that have been in place since 2022. The legislation has cleared both chambers of Congress and is now signed into law, with IRS guidance … Read more
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