What’s New

Which revision of Form 1065-X to use. For tax years beginning after 2024, use the October 2025 revision of Form 1065-X. For tax years beginning after 2022 and before 2025, use the August 2023 revision of Form 1065-X, available at IRS.gov/pub/irs-prior/ f1065x--2023.pdf . For tax years beginning after 2020 and before 2023, use the December 2021 revision of Form 1065-X, available at IRS.gov/pub/irs-prior/ f1065x--2021.pdf . For tax years beginning before 2020, use the September 2018 revision of Form 1065-X, available at IRS.gov/pub/irs-prior/f1065x--2018.pdf .

Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 and electing large partnerships (ELPs). References to TEFRA and ELPs were removed because they are no longer applicable. Section 1—TEFRA/ NonTEFRA Determination was removed, and subsequent sections were renumbered.

Domestic research or experimental expenditures. P.L. 119-21, commonly known as the One Big Beautiful Bill Act, added section 174A, domestic research or experimental expenditures. This new section allows certain taxpayers to deduct current-year domestic research and experimental (R&E) expenses. The new section also allows taxpayers to elect to charge the expenditures to a capital account and amortize over a period of not less than 60 months. For additional information regarding elections for previously capitalized domestic R&E expenditures paid or incurred after 2021 and before 2025, see Rev. Proc. 2025-28.