When will Turbotax Business (S corporations 1120S) be updated to include the required election statement for the mandatory adoption of Section 174 amortization for 2022? This is a required form pursuant to Rev. Proc. 2023-08. Any business that has research and development expenses (R&D) must now amortize them. This is a major change impacting all businesses that incur research expenses regardless of whether the business is claiming a R&D tax credit. If Turbotax does not supply this election statement businesses will not be able to electronically file their business tax return and will then have to file the more complicated Form 3115 - Application for Change in Accounting Method.
Here's an excellent article on the new requirement under Section 174:
https://www.forvis.com/alert-article/2022/12/irs-allows-automatic-method-change-capitalizing-rd-expe...
