174 Update – Notice 2024-12 & Rev Proc 2024-9
174 UPDATE – NOTICE 2024-12 & REV PROC 2024-9 On December 22nd, 2023, the Service released both Notice 2024-12 and Rev. Proc. 2024-9. Notice 2024-12 clarifies and modifies Notice 2023-63 on the capitalization and amortization of specified research or experimental (SRE) expenditures under Code §174 with respect to the treatment of costs paid or incurred by a research provider for research performed under contract, the requirement that taxpayers must relyon all the rules of section 3 through 9 of the