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
A new legislative push in Congress could reshape how businesses account for research and development (R&D) expenses. On March 10, 2025, a bipartisan group of lawmakers introduced the American Innovation and R&D Competitiveness Act. If enacted, this bill would undo a key provision of the 2017 Tax Cuts and Jobs Act (TCJA) that forced businesses … Read more
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