Rev. Proc. 2023-11: Updated guidelines for accounting method changes for specified R&E expenditures
Updated guidelines for accounting method changes for specified research or experimental expenditures to comply with section 174
Updated guidelines for accounting method changes for specified R&E expenditures
The IRS today released an advance version of Rev. Proc. 2023-11 [PDF 121 KB], modifying and superseding Rev. Proc. 2023-8 [PDF 133 KB] issued earlier this month (read TaxNewsFlash), to provide updated guidelines for accounting method changes for specified research or experimental (R&E) expenditures to comply with section 174, as amended by Pub. L. No. 115-97 (the “Tax Cuts and Jobs Act” (TCJA)).
Read a related IRS release—IR-2022-235 (December 29, 2022)
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.