Does Turbotax Business 1120S plan on providing the required election form to amortize research costs under IRC Section 174? This is a MANDATORY election for any business that has research or experimentation costs REGARDLESS of whether they are claiming a Research tax credit under IRC Section 174. This form is absolutely required pursuant to the Section 174 law change effective January 1, 2022. See IRS Revenue Procedure 2023-11 for details and the wording of the required statement. This change impacts a huge number of business taxpayers and the failure to file the election with their 2022 tax returns has significant negative consequences for compliance in later years.
Turbotax Business, please respond. Thank you.
mtzttax
CPA, MST
