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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Has Section 174 been repealed
Has Section 174 been repealed
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Fat Poutine
Level 3
03-19-2024
05:38 PM
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I am confused as to whether section 174 is appealed. i.e. do we still need to capitalize R&E expenses? or back to 2021 where we can just expense everything? Also, what happened to the R&E Expense that we capitalized last year? Can we expense the remaining balance in the current year? Which form would we use to do that?
Also, do we need to file another attachment that change the accounting method if we capitalize R&E expense in 2022, but then decide to not do so for tax year 2023?
Thanks in advance for any advice.
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sjrcpa
Level 15
03-19-2024
05:53 PM
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No change to 174 as of today, Star Date 3/19/24.
Capitalize and amortize over 5 or 15 years. Amortization includes an amount for last year's capitalization.
No change in accounting method for 2023. You did that for 2022.
The more I know, the more I don't know.
