Amended Returns Update: Implications of Claims for Refund

Amended Returns Update: Implications of Claims for Refund

The IRS’s Chief Counsel Memo, released on October 15, 2021, introduced new guidance regarding R&D tax credit refund claims. These updates impact taxpayers filing an R&D tax credit refund claim after January 10, 2022, requiring granular documentation of R&D activities. On November 25, 2024, the transition period was extended through January 10, 2026, allowing taxpayers 45 days to perfect claims before the IRS makes a final determination.   The ne…