If you plan to use the Alternative Simplified Credit method for calculating the research credit, things will be easier for you this year. You can now make the election on an amended return.
Previously, taxpayers had to submit Form 6765 (Credit for Increasing Research Activities), leaving the amount of the credit blank, with their original return. But the IRS issued temporary regulations at the beginning of this month allowing an amended return.
Some restrictions apply, such as that you can’t claim the credit if you’ve already claimed a Section 41 credit for the same tax year, either on an original or amended return. The new regulations apply to tax years ending on or after 6/3/14, and to for any prior tax year for which the statute of limitation has not expired, according to Temp. Reg. 1.41-9T.
If you have questions about the research credit and how your business can take advantage of it, feel free to give me a call at (864) 836-3136, and we’ll set up an appointment to talk.