As a result of the Tax Cuts and Jobs Act (TCJA), beginning with tax years after December 31, 2021, Section 174 requires taxpayers to capitalize and amortize research and experimental expenditures. The TCJA also expanded the scope of research expenditures subject to section 174 to include software development costs, which means businesses no longer have the option to immediately expense those costs or use alternative amortization rules.
Reach out to our A&M Taxand Section 174 experts today to schedule an initial assessment where we discuss how this will impact your business.
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