By: Scott Lawrence | 10/26/21
On October 15, 2021, the Internal Revenue Service (IRS) released its Chief Counsel Memorandum, which outlines new requirements for claiming a tax credit refund for the Research & Development (R&D) Tax Credit. Specifically, when claiming a refund for the R&D Tax Credit, taxpayers are required to provide the information below with their tax return:
Further, the taxpayer is required to provide a declaration signed under penalties of perjury verifying that the facts provided are accurate. The facts must be provided via a written statement rather than a production of documents. This new requirement takes effect on January 10, 2022. Given the requirements set out by the IRS are generally vague and the general complexities of claiming the R&D tax credit, it is important to speak to an experienced tax advisor.
Bennett Thrasher has a dedicated team of advisors to assist with claiming the R&D Tax Credit. If you have any questions, please contact Betsi Barrett or Nina Desai by calling 770.396.2200.
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