IRS Rev Proc.: Procedures for Research and Experimental Expenditures under OBBB (IRC §174)

The IRS issued a revenue procedure providing instructions to taxpayers on how to make various elections, file amended returns, or change accounting methods for research or experimental expenditures as provided under section 70302 of the One, Big, Beautiful Bill Act (OBBB), Public Law 119-21, 139 Stat. 72 (July 4, 2025). The revenue procedure also provides transitional rules, modifies Rev. Proc. 2025-23 (List of Automatic Changes), and grants an extension of time for partnerships, S corporations, C corporations, individuals, estates and trusts, and exempt organizations to file superseding 2024 federal income tax returns. [Rev Proc. 2025-28, 2025-38 I.R.B. __ (Sept. 15, ...