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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