Daily Tax Update - March 30, 2017: IRS Issues Guidance on Payroll Tax Credit Election

IRS Issues Guidance on Payroll Tax Credit Election:  Today, the Treasury Department and the IRS issued Notice 2017-23, which provides interim guidance for making the election to apply a portion of the section 41 research credit against payroll taxes.  The notice provides guidance as to the definition of a “qualified small business” which is eligible to claim the payroll tax credit.