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For many businesses and business owners, the outcome of the 2016 election could be quite rewarding. President-elect Donald Trump proposed $6.2 trillion in tax cuts over the next decade. While it remains uncertain as to whether Trump can get such large tax cuts through Congress, even one controlled by the GOP, Republicans remain committed to overhauling the U.S. tax system in a manner that they think will help grow the economy. Overall, some sort of tax reduction seems inevitable....

The IRS released final regulations concerning the application of the R&D tax credit to “internal use software” (i.e., software which is developed by or for the benefit of the taxpayer). Examples of internal-use software include software for use in human resources, support services and financial management. Software that is not for internal use needs to meet a lower threshold to qualify for the credit. These final regulations also include examples to illustrate the application of the process of experimentation requirement to software....