The 2025 Tax Act, commonly known as the One Big Beautiful Bill (OBBB), reinstated expensing of research and experimentation or development (R&D) costs. For the last three years, all taxpayers have been required to capitalize domestic R&D costs and amortize them over five years. Under OBBB, the ability to expense these costs is generally effective for tax years beginning in 2025. However, “small taxpayers” are allowed to apply the change retroactively to 2022. Small taxpayers are defined as taxpayers that meet the § 448(c) gross receipts test for their first taxable year beginning after December 31, 2024. This means gross receipts for 2022, 2023, and 2024 must average $31 million or less.
On August 28, the IRS released Revenue Procedure 2025-28. In addition to addressing the OBBB changes made to R&D costs for all affected taxpayers, it spells out procedures for the small taxpayer relief. For many, the most pressing question requiring IRS guidance was for small taxpayers interested in taking advantage of the transition rule on their 2024 tax return, currently on extension.
- We were pleased to attend the Greensboro Chamber of Commerce’sState of Our Community Luncheon. The event was a great opportunity to connect with fellow business and community leaders and celebrate the momentum happening in our region.
- DMJPS is proud to be a sponsor of the NC Folk Festival, an event that brings music, art, and culture to the heart of our Greensboro community. We’re excited to support an event that showcases creativity and connects people across North Carolina and beyond.
- DMJPS is proud to sponsor and attend theOutdoor Economy Conference in Cherokee, September 15–18. Be sure to visit our booth to connect with our team and drop off your business card for a chance to win a YETI!
- Fall Recruiting is in Full Swing!Our team has already made stops at five colleges and universities, and we’re just getting started—with more than 10 campus visits still to come! We can’t wait to meet more future accounting professionals this season.
Tune in to the latest episode of Mind Your Business, featuring Ralph Polk, Senior Manager at DMJPS, with David Jackson, President and CEO of the Boone Area Chamber of Commerce, to break down the One Big Beautiful Bill and its impact on tax law for both businesses and individual filers. He highlights the key changes that will directly affect High Country businesses and their employees, offering practical insights and strategies to navigate the new legislation.
DMJPS PLLC is proud to announce that Ben Hamrick, CPA/ABV, CFF, ASA, CVA, CMAA, CGMA, Director of Valuation Services and Partner, has been recognized by Forbes in its inaugural list of America’s Top CPAs for Valuation. This follows his inclusion on Forbes’ 2025 Best-In-State CPAs list, highlighting his leadership, expertise, and commitment to delivering exceptional service in business valuation, taxation, and financial advisory.
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