New IRS requirements on R&D Refund Claims

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According to Accounting Today, the IRS wants more detailed information about all the business components for which the research and development credit claims relate for each year and for each business component.

Questions:

  1. What is the form that is required under this new direction?
  2. How long have companies been allowed to take this research and experimentation (R&E) or research and development (R&D) tax credit?
  3. Briefly explain why the new requirements for information regarding claims for research credit tax refunds were put in place.

Source:

Cohn, M. (2021) IRS sets new requirements for R&D credit refund claims. Accounting Today, Oct. 15 (Retrievable online at ttps://www.accountingtoday.com/news/irs-sets-new-requirements-for-r-d-credit-refund-claims?)