IRS updates directive and FAQs on QREs for ASC 730 taxpayers

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September 2020

Overview

The IRS on September 15 released revised guidance for examiners in the Large Business and International division (LB&I) reviewing the amounts claimed by taxpayers as qualified research expenditures (QREs) for the Section 41 research tax credit.

The guidance revises a directive and FAQs issued in 2017. The new guidance also takes the form of a directive and FAQs.

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Jeff Jones

Specialized Tax Services Leader, PwC US

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