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Be prepared: The latest on Section 163(j) interest expense calculations
Earlier this year, the IRS issued final regulations regarding the business interest expense limitations included in the Tax Cuts and Jobs Act (TCJA), along with additional proposed regulations to clarify some issues not covered in the original proposed regulations (issued in 2018). The final regulations are effective for tax years beginning after Nov. 13, 2020, so will be in effect for next tax year, but taxpayers may opt to adopt them early if they do so consistently from 2018 forward.
Beth Mullen
CPA, Partner, Affordable Housing Industry Leader
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Affordable Housing News & Views
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.