Articles

by Michael J. Devereux II, Mueller Prost On Sept. 5, 2013, the US Treasury proposed five changes to regulations defining research expenditures under Internal Revenue Code §174. As an added bonus, Treasury indicated that taxpayers may rely upon these proposed regulations for all tax years. On July 18, 2014, these regulations were finalized with minimal changes. The first … [Read more...] about US Treasury Expands Definition of Research Expenditures

by Michael J. Devereux II, Mueller Prost On June 3, 2014, the US Treasury proposed regulations indicating that the IRS will now begin allowing taxpayers to claim the Alternative Simplified Credit (ASC) on amended tax returns if the taxpayer had not claimed the research credit on its original tax return. For taxpayers not claiming the credit in prior years, this development can … [Read more...] about US Treasury Simplifies Claiming the R&D Tax Credit for Plastics Manufacturers

by Michael J. Devereux II, Mueller Prost On May 20, The US House of Representatives passed H.R. 880, the American Research & Competitiveness Act of 2015, by a vote of 274-145. H.R. 880 makes permanent the Alternative Simplified Credit (ASC) for calculating the Credit for Increasing Research Activities, and it increase the ASC credit amount to 20 percent of the research … [Read more...] about US House Passes Bill to Increase and Make Permanent the R&D Tax Credit