The Treasury Department and IRS issued Revenue Procedure 2023-11 on Dec. 29 which updates guidelines for accounting method changes for specified research or experimental expenditures.

The new guidance modifies and supersedes Revenue Procedure 2023-8, issued in early December. Revenue Procedure 2023-11 outlines how companies should comply with changes made by the Tax Cuts and Jobs Act (TCJA), enacted in 2017.

In general, the TCJA changes apply for specified research or experimental expenditures paid or incurred in taxable years beginning after Dec. 31, 2021.