Key guidance released
Rev. Proc. 2025-28, issued by the IRS on Aug. 28, 2025, provides procedural guidance for taxpayers to comply changes to the treatment of research and experimental (R&E) expenditures under Secs. 174, 174A, and 280C.., as amended or added by H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA).
Rev. Proc. 2026-32, released Sept. 4, 2026, further modifies the automatic accounting method change procedures in Rev. Proc. 2025-23 to reflect H.R. 1