IRS Issues Crippling Guidance for American Companies Investing in Innovation
HOUSTON, Sept. 13, 2023 /PRNewswire/ -- On Friday, September 8th, the IRS issued crippling guidance regarding a change in the tax treatment of research and experimentation expenses. Until now, the IRS had been silent on the issue, failing to issue guidance for taxpayers to rely on in implementation of the new law. Now, with less than a week before the filing extension deadline, the IRS issued complex guidance that will significantly impact American companies.
- Now, with less than a week before the filing extension deadline, the IRS issued complex guidance that will significantly impact American companies.
- "Now, we are given guidance by the IRS that further hurts small and medium sized American companies.
- American innovation and competitiveness, along with high paying STEM jobs and skilled trade labor, will be decimated under the current 174 rules."
- Without Congressional intervention, American companies will continue to be pummeled by high taxes and punished for innovation.