The Taxpayer Advocate Service is reminding small businesses of an upcoming deadline for filing an amended return to claim a domestic research and experimental (R&E) deduction. Tax legislation signed into law last year allows businesses to deduct domestic R&E expenses in the year they’re incurred, starting with the 2025 tax year. It also allows eligible “small businesses” to file amended returns to claim the deduction retroactively for 2022 through 2024. For many businesses, the deadline to make this retroactive election is July 6, 2026. To learn more, see: https://bit.ly/44dMvDk. For help filing an amended return, contact us.
