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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

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OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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Private Client Services: Individual Tax Planning

Withum

DECEMBER 4, 2024

Consider asking your employer to increase withholding of state and local taxes (or you can pay estimated state and local tax payments) before year-end to pull the deduction of those taxes into 2024. Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Private Client Services: Individual Tax Planning

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