Deadline Approaching for Small Business Tax Relief

If you are a small business that engaged in research and experimentation (R&E) and amortized costs in 2022, 2023, and 2024 (deducted them ratably over 5 years), you may be able to claim a tax refund. You have until July 6, 2026, to file amended returns for these years and elect to expense your costs. Partnerships file administrative adjustment requests (AARs) rather than amended returns. Talk to your CPA or other tax adviser. #IdeaoftheDay

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