Close but no cigar: IRS releases updated draft Form 6765 “attempting” to reduce the heightened level of detail required to claim the research credit

On June 21, 2024, the Internal Revenue Service (IRS) released an early draft of revised Form 6765, Credit for Increasing Research Activities. Following the release of the September 2023 draft Form 6765 which dramatically increased the informational and substantiation requirements to claim the research credit, there was significant public feedback, and the IRS has indicated this latest draft is intended to alleviate some of those taxpayer burdens identified during the public comment period……
By: Eversheds Sutherland (US) LLP