New R&E election

[LBM]

Due to the changes that went into effect in 2022 for R&E costs, it would be helpful if Lacerte included the election in the business programs. The current election for R&D costs is not the same election needed for the new change. Taxpayers that are required to comply with IRC 174 for 2022 must file a statement with their tax federal return in lieu of filing Form 3115. The statement must include the following:

*Name and EIN of the taxpayer

*#265 automatic accounting method change number

*Descriptions of the type of expenditures included in the change

*Statement that the change in method of accounting is for specified R&E to capitalize and amortize over a 5 year period beginning with the mod-point of the year. The change is on the cut-off basis. 

It would be helpful if this election was available in the C and S Corp modules and partnership module.

Thanks.

[EST]

Has this been resolved? 7/17/23

[IntuitGabi]

Thanks for the idea to update R&E election for business programs. We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New".

Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. >> Lacerte Idea Exchange

f you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.