Jorge Castro, former Counselor to the IRS Commissioner and former congressional tax counsel, commented on the newly proposed reporting requirements for IRS Form 6765 (Credit for Increasing Research Activities), which businesses utilize to claim the research and development (R&D) tax credit. The new draft form offers reporting exceptions for small businesses and companies with research expenditures below $1.5 million and reduces the number of business components to report and the amount of information to report on each business component. "It really created some significant carve-outs for small businesses [and] reduction of burdens," Castro said. However, these draft changes could still pose challenges for mid- to large-sized companies. The IRS will consider comments from impacted taxpayers as they seek to finalize the form in the coming months.