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We are excited to share insights, updates, and valuable information related to changes in the credits and incentives available for tax year 2023. Stay tuned for the latest updates and let’s make 2024 a year of breakthroughs together. 

Congressional Tax Talks Update: Recent days have seen intensive discussions in the Senate Finance and House Ways and Means committees regarding a potential tax package framework. The framework centers on two key themes: extending business tax breaks and expanding the child tax credit. While bipartisan progress has been made, significant skepticism and pushback remain across the political spectrum. Consequently, the path to a final agreement – originally targeted for January 29th – is increasingly uncertain. 

Impact on R&D Expense Amortization: Given the evolving legislative landscape, we recommend proceeding with the current law for Section 174 R&D expenses. Amortization over 5 or 15 years remains the prudent course of action as the timing of potential legislative changes is unclear. 

Further Guidance Upcoming: Anticipating ongoing congressional negotiations, the IRS has postponed issuing clarifying guidance on Section 174 amortization until Spring 2024. This guidance was initially expected earlier, underscoring the dynamic nature of the current tax environment. 

Our Commitment to Keeping You Informed: We understand the complexity of these developments and their potential impact on your business decisions. We remain committed to providing ongoing updates and insights throughout this process. Please do not hesitate to reach out to our team if you have any questions or require further clarification.