The IRS has released a revised draft of Form 6765, Credit for Increasing Research Activities for the R&D tax credit, incorporating feedback from external stakeholders to reduce taxpayer burden and improve tax administration of the R&D credit. Key changes include making the reporting of Section G (formerly Section F) optional for Qualified Small Business (QSB) taxpayers and those with total qualified research expenditures (QREs) of $1.5 million or less and gross receipts of $50 million or less. The IRS has also reduced the number of business components that need to be reported on the R&D form, requiring only 80% of total QREs in descending order, capped at 50 components. Additionally, the amount of information required for each component has been minimized, eliminating several previously required details. The revised Section G will be optional for all filers in tax year 2024 filing for the R&D tax credit and mandatory starting in tax year 2025. After hearing comments from taxpayers, these changes are intended to ease the transition and reduce compliance complexities for taxpayers.