R&D Tax Alert - June 2014
On June 2, the United States Treasury Department and the Service issued final and temporary regulations that allow certain taxpayers to elect the section 41 alternative simplified credit (“ASC”) on amended returns. T.D. 9666. Previously, taxpayers could elect the ASC for a taxable year only on that year’s original, timely-filed return. The final regulations eliminate this restriction; the temporary regulations provide that, generally, taxpayers may elect the ASC on amended returns.