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myCPE

Understanding The Changes to IRC 174 1 Credit

Nov 15, 2024, 01:30 PM ET

Understanding The Changes to IRC 174 1 Credit

  • Rating

    4.4
  • Reviewed on

    February, 2024
  • Subject Area

    Taxes

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Nov 15, 2024, 01:30 PM ET

Learning Objective

  • To discuss the history of and recent changes to IRC 174.
  • To identify which activities and expenditures are subject to 174 treatments.
  • To analyze the interplay between 174 and the R&D tax credit.

Course Overview

Until recently, section 174 of the US Internal Revenue Code permitted taxpayers who incurred research expenses to deduct them in the current year. 

Due to a provision of the Tax Cuts and Jobs Act (TCJA), which takes effect for tax years beginning after December 31, 2021, taxpayers must change how they treat R&E expenditures under Section 174. The 2017 Tax Cuts and Jobs Act amended this provision to require that specified research and experimental (SR&E) expenditures are capitalized and amortized but delayed the effective date of this amendment, which applies to tax years beginning January 1, 2022, or later.

In this CE Tax webinar, we will cover numerous issues new Section 174 raises, and understand Changes to Section 174 that will significantly impact the tax treatment of research and experimental expenditures.

This course covers the following Major Topics: 

  • What happened with IRC 174 and why
  • Qualification of IRC 174
  • Coordination with IRC 41
  • Compliance & Penalties

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Les Bryson
Les Bryson

Founder, Probity Tax Recovery

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  • Les Bryson is the Founder and Managing Partner of Probity Tax Recovery, a tax consulting firm specializing in credits and incentives for small to mid-sized businesses. He has over 15 years of experience in the tax industry and has assisted companies in myriad industries to claim tax credits and incentives.
  • In 2018, Les founded Probity Tax Recovery to continue helping businesses claim the tax savings they’re entitled to through a tailored and specialized approach.
  • Les is a proud alumni of Rice University and began his career as a chemist before his tenure in the tax industry. As a result, his approach to consulting is with the mindset of both a scientist and a trusted advisor.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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RC

Rachel Cua, CPA (US)

Great examples - the 280C rule should be further clarified with better examples and explanation

GC

Ging Cheung, CPA (US)

Informative presentation and materials. Gave a very thorough overview of 174.

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