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Are taxpayers allowed to claim the Research & Experimentation Tax Credit under Section 41 of the Code using the Alternative Simplified Credit (ASC) methodology on amended tax returns for open statutory years?

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Peter J. Scalise
Yes, The Department of Treasury announced on June 2, 2014 that modified treasury regulations (e.g., TD 9666) will enable companies to claim the Research and Experimentation Tax Credit (hereinafter "RTC") utilizing the Alternative Simplified Credit (hereinafter "ASC") methodology on amended tax returns for all open statutory years (e.g., in general the prior three taxable years). This represents a true paradigm shift from the previously issued set of treasury regulations which only allowed companies to take the RTC utilizing the ASC on originally filed tax returns.

For the complete scope and application of this tax law change, please consult my published article: www.parkertaxpublishing.com/public/amended-tax-return-alternative-simplified-credit.html and contact me with any questions.
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