 Internal Revenue Service, IRS Tax News, Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures. Experimental expenditure? Isn't that like when you try to write off a trip to Disneyland as a business expense? Because you consulted some teenage kid about investment strategies. Well, climb in a hill on the Matterhorn roller coaster. The kid's selling you some kind of new snow monster cryptocurrencies, as well as a bunch of Donald Trump NFTs he guarantees are going to skyrocket in value. Dang kid robbed me. I think I was talking to Sam Bankman Fried himself. Honestly, that's the last time I give billions of my hard-earned investment dollars to some crazy kid who teases out his hair to look like a mad scientist selling strange new investment assets who's paying off every crooked politician he could find. By that, I obviously mean the entire Democratic Party with a business located in the Bahamas. I mean, who could have known it wasn't a good idea? Well, you live and you learn, right? I mean, honestly, some people are like, give the kid a break, but the kid embezzled records amounts of money. Bankman Fried needs to fry. Okay, maybe not fry, but I mean, punishments should be dealt out here. Honestly, they're like, don't worry, it's a clean operation operating out of the Bahamas. That's that's like saying you have an environmentally friendly manufacturing company located in China. My keen red flag bullcrap spider senses tingling so much it feels like I inhaled an entire sky balloon of nitrous. IR 2022-235 December 29, 2022 Washington, the Treasury Department and Internal Revenue Service today issue Revenue Procedure 2023-11. There's a link to that here providing updated guidelines for accounting method changes for specified research or experimental expenditures. The new guidance posted today on irs.gov modifies the super and supersedes Revenue Procedure 2023-8. There's a link to that here issued earlier this month. Revenue Procedure 2023-11 is designed to encourage timely compliance with changes made by the Tax Cuts and Jobs Act enacted in 2017. In general, the TCJA changes apply for specified research or experimental expenditures paid or incurred in taxable years beginning after December 31, 2021. So there's a link to that Revenue Procedure 2023-11 here and there'll be a link to this in the description.