What the Changes to IRS’s Code Section 174 Means for Taxes This Year

Weaver: Beyond the Numbers · Mar 3, 2023 · 14m

For businesses, tax season can be especially stressful, given the weight of information to prepare and consider, along with various changes coming from the IRS. The Tax Cuts and Jobs Act of 2017 amended Code Section 174, whereby requiring companies to capitalize and amortize costs for their R&D expenses starting in the 2022 tax year. Prior to this amendment, companies were able to fully deduct their qualified R&D expenses in a given tax year.

What do companies need to know about their taxes regarding R&D expenses moving forward?

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