New R&E election

[LBM]

Due to the changes that went into effect in 2022 for R&E costs, it would be helpful if Lacerte included the election in the business programs. The current election for R&D costs is not the same election needed for the new change. Taxpayers that are required to comply with IRC 174 for 2022 must file a statement with their tax federal return in lieu of filing Form 3115. The statement must include the following:

*Name and EIN of the taxpayer

*#265 automatic accounting method change number

*Descriptions of the type of expenditures included in the change

*Statement that the change in method of accounting is for specified R&E to capitalize and amortize over a 5 year period beginning with the mod-point of the year. The change is on the cut-off basis. 

It would be helpful if this election was available in the C and S Corp modules and partnership module.

Thanks.

[EST]

Has this been resolved? 7/17/23

[Anonymous]

Thanks for the idea to update R&E election for business programs. We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New".

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