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New Guidance on 163(j) Business Interest Deductions
17 April 2018
View Debevoise Update
The IRS issued a notice providing important guidance on the limitation of deductions for net business interest expense under 163(j). Taxpayers can rely on this guidance immediately.
The IRS will let taxpayers carryforward interest deductions disqualified under old law into post-tax reform tax years, but the deductions will be subject to the new rules.
C corporations can presume that all of their interest income and expense is business interest and use disallowed interest expense to reduce their earnings and profits.
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