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IRS Mulls Extending Transition on Research Credit Refund Claims

Sept. 22, 2022, 4:04 PM

The IRS is thinking about extending a transition period that temporarily eases the requirements for companies to claim refunds under the research tax credit, an IRS official said.

Companies must submit information in five areas to claim the refund under the Section 41 credit, including information on all research activities performed, the individuals conducting each activity, and the information they were seeking to discover. Under a one-year transition period established last year, they had 45 days to correct any deficiencies the IRS found in that information.

  • “We are thinking about whether that one-year transition period needs to be extended,” Holly ...