As of September 15, 2023, the IRS proposed several changes to Form 6765, Credit for Increasing Research Activities. The proposed changes are likely to take effect for the 2024 tax year.
The proposed changes are as follows:
A new Section E with five questions seeking miscellaneous information.
– A new Section F for reporting quantitative and qualitative information for each business component, required under Section 41 of the Internal Revenue Code.
– Moving the “reduced credit” election question and the “controlled
groups or businesses under common control” question from line 17 and line
34 to the top of Form 6765.
The IRS is also requesting feedback for the proposed changes regarding Section F, “Business Component Information,” and whether it should be optional for certain taxpayers. These changes “seek to help taxpayers meet their obligations, while improving the goal of providing effective tax administration.” Additional information can be found here.