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ARTICLE · 18 MARCH 2015

IRS Issues Final Regulations On Electing Alternative Simplified Credit

Grant Thornton LLP
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The IRS on Feb. 27 issued final regulations under Section 41(c)(5) for electing the alternative simplified credit (ASC).

United StatesTax
Mel Schwarz
Mel Schwarz
Dustin Stamper
Dustin Stamper
Shamik Trivedi
Shamik Trivedi
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The IRS on Feb. 27 issued final regulations under Section 41(c)(5) for electing the alternative simplified credit (ASC).

The final regulations (T.D. 9712) largely adopt proposed regulations (REG-133495-13) issued in June 2014, and reject a number of practitioner comments that sought modification of the proposed regulations. Notably, the regulations' preamble states that the IRS and Treasury will not adopt a practitioner suggestion that late election relief be granted under Treas. Reg. Sec. 301.9100-3, or "9100 relief." The final regulations also clarify that a taxpayer may make an ASC election for a tax year on an amended return "only if the taxpayer has not previously claimed the Section 41(a)(1) credit on its original return or an amended return for that tax year."

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