Refund from Previous R&D Expenses

As a result of the One Big Beautiful Bill Act (OBBBA), small businesses that had domestic research expenses as far back as 2022 have some options on how to handle these costs and may be able to obtain refunds. Why? OBBBA allows these costs to be expensed rather than amortized over 5 years, which was the previous rule. The IRS clarified how to handle this opportunity. If your business had qualifying expenses in these past years, discuss your options with your tax adviser. Some options must be done quickly! #IdeaoftheDay