The U.S. IRS has issued Revenue Procedure (RP) 2025-28, which provides procedures for making certain elections, filing amended returns, and changing accounting methods for research or experimental expenditures considering changes made by the One, Big, Beautiful Bill Act (OBBBA). This include procedures for:
- Making elections under new § 174A to deduct or amortize domestic research or experimental (R&E) expenditures;
- Changing accounting methods to comply with amended § 174 and newly enact…