These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
Notice 2023-63 announces the IRS’ intent to issue regulatory guidance to address issues regarding specified research or experimental expenditures under § 174. Notice 2023-63 also provides interim guidance regarding these expenditures. This includes definitions of relevant terms; in addition to rules for allocation of costs, software development, research provided under contract, disposition of property, long term contracts, and cost-sharing transactions. Finally, Notice 2023-63 requests comments for issues regarding the interim guidance provided.
The proposed regulations describe the rules for satisfying the prevailing wage and registered apprenticeship requirements to qualify for increased credit or deduction amounts under the Internal Revenue Code. In addition, the proposed regulations provide correction and penalty procedures for taxpayers to be deemed to satisfy the prevailing wage and registered apprenticeship requirements. The proposed regulations also describe recordkeeping and reporting requirements related to the prevailing wage and registered apprenticeship requirements.
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