The IRS released a draft form for the research credit Friday—walking back some of the stricter reporting requirements it had proposed last year after receiving comments from taxpayers.
Draft Form 6765, Credit for Increasing Research Activities, easing reporting requirements the agency proposed last year for taxpayers seeking the credit, where it sought extensive information about business components. Many companies and industry groups complained these were overly burdensome and would hamper research activities.
The new draft form makes the Business Component Detail optional for certain small businesses and companies with research expenditures below $1.5 million that also meet other criteria. ...
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