Rev Proc 2023-11 gives only procedural guidance on implementing the required change to the treatment of Section 174 costs. It did NOT change the fact that those costs must now be amortized over 5 year (15 years for foreign research). Prior to 2022 research costs could be deducted but that is no longer true. They must now be amortized which, for companies who have expensed them on their books, will require them to add them back to taxable income as a Schedule M-1 adjustment, potentially a huge adjustment with significant cashflow impact.
Also, the deferred (non-deductible) amortized costs may not be required to be disclosed on the tax return but they are obviously of great importance in future years as they become tax deductible over that 5 year period.
