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IRS Extends Transition for Claiming Refunds on Research Credit

Oct. 3, 2022, 2:36 PM

The IRS has extended by one year a transition period that temporarily eases the process by which companies claim refunds under the research tax credit.

Companies must submit information in five areas to claim the refund under the Section 41 credit, including information on the research activities they performed and the individuals conducting them. During the transition period, they have 45 days to correct any deficiencies the IRS finds in that information, and the IRS on Friday extended that period for an added year, through Jan. 10, 2024.

  • The IRS announced the requirements for claiming refunds in ...