U.S. IRS Releases Practice Unit on Computing Qualified Research Expenses

The U.S. IRS has released an international practice unit on the Revised ASC 730 Directive - Computing Qualified Research Expenses. The process overview of the practice unit includes the following:

Examining the credit for increasing research activities under IRC 41 (research credit) involves significant resources of both taxpayers and the Internal Revenue Service. Taxpayers following U.S. Generally Accepted Accounting Principles (GAAP) for book, use Accounting Standards Codification (ASC) T…