IRS Form: Form 8990 on Business Interest Expense Deduction (IRC §163)

Form 8990, Limitation on Business Interest Expense Under Section 163(j), released December 31 to reflect significant changes to the deductibility of business interest after the 2017 tax act, Pub. L. No. 115-97. The act limits the deduction for net interest expense incurred by a business to the sum of business interest income, 30% of adjusted taxable income, and floor plan financing interest. Part I of the form is completed by all taxpayers subject to tax code Section 163(j). Schedule A and Schedule B need to be completed before Part I when the taxpayer is a ...