How do I add a statement to Form 1065 for the change of accounting method to capitalize R&D costs as required by Rev Proc 2023-08?

Forum|Forum|3 years ago
February 16, 2023
2 replies
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Under the 2017 Tax Cuts and Jobs Act, starting in 2022 companies can no longer elect to expense R&D but rather have to capitalize and amortize. According to Rev Proc 2023-08, to make the automatic change election companies must file a statement in lieu of Form 3115. Where in ProConnect can I go to file the appropriate statement?

ProConnect Tax

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Best answer by IntuitRebecca

Hi there,

It looks like we don't have a built-in statement for the R&D change of accounting method established in that revenue procedure. You can either prepare the statement separately and attach it as a PDF on the Electronic Filing screen; or go to Other > Elections and click the "Election" link at the top right to enter the info as an "Other" election.

Most people prefer to draw up the statement separately in a word processor, since the Elections screen won't allow you to format the text.

- Rebecca

IntuitRebeccaAnswer

Level 6

Hi there,

It looks like we don't have a built-in statement for the R&D change of accounting method established in that revenue procedure. You can either prepare the statement separately and attach it as a PDF on the Electronic Filing screen; or go to Other > Elections and click the "Election" link at the top right to enter the info as an "Other" election.

Most people prefer to draw up the statement separately in a word processor, since the Elections screen won't allow you to format the text.

- Rebecca