Historically, the IRS has supported domestic research and development (R&D) activities by allowing manufacturers and other businesses to expense certain costs immediately while also taking advantage of the R&D tax credit. The Tax Cuts and Jobs Act (TCJA), enacted in 2017, ended taxpayers’ abilities to expense R&D costs as incurred beginning in 2022. Now, businesses … Continue reading Businesses Must Be Alert to Tax Code Changes on R&D Expenses and Credits
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