IRS Updates Requirements for Amended Research Credit Claims

The IRS has updated the additional information required for amended research credit claims. Effective as of June 18, 2024, the IRS is waiving the requirement that taxpayers provide the following two items of information with their refund claim involving the Research Credit: the names of the individuals who performed each research activity and the information each individual sought to discover. Taxpayers are, however, still required to provide the following information at the time the refund claim involving the Research Credit is filed with the IRS:

• 1.) Identify all the business components to which the Section 41 research credit claim relates for that year.
• 2.) For each business component, identify all research activities performed and
• 3.) Provide the total qualified employee wage expenses, total qualified supply expenses, and total qualified contract research expenses for the claim year. This may be done using Form 6765, Credit for Increasing Research Activities.

Additionally, while the IRS is waiving the requirement of providing the above-stated two items of information at the time a refund claim involving the Research Credit is filed with the IRS, this information may be requested if a refund claim involving the Research Credit is selected for examination.

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