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This directive provides guidance to LB&I examiners in determining whether a taxpayer in the pharmaceutical and biotechnology industries has appropriately computed the credit for increasing research activities under section 41 of the Internal Revenue Code (research credit) for activities involved in developing new pharmaceutical drugs and therapeutic biologics.

These guides contain examination techniques to assist examiners in performing examinations.

NM-2024-07, Nov. 13, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses located in Chaves County, New Mexico affected by severe storms and flooding that began on Oct. 19, 2024.

MI-2024-01, Feb. 16, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Michigan affected by severe storms, tornadoes and flooding that began on Aug. 24, 2023. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

NE-2024-12, May 9, 2024 ¡ª The IRS announced today tax relief for individuals and businesses in Nebraska that were affected by severe storms, straight-line winds, and tornadoes that began on April 25, 2024. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.

OH-2024-01, May 16, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.

IA-2024-03, May 17, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in Iowa that were affected by severe storms and tornadoes that occurred on April 26, 2024. These taxpayers now have until Oct. 15, 2024, to file various federal individual and business tax returns and make tax payments.

IR-2022-25, February 3, 2022 ¡ª As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money.

A qualified plan must satisfy the Internal Revenue Code in both form and operation. That means that the provisions in the plan document must satisfy the requirements of the Code and that those plan provisions must be followed.

This issue snapshot focuses on terminating, underfunded, single-employer defined benefit plans not subject to the Pension Benefit Guarantee Corporation (PBGC).