IRS Form: Instructions for Business Interest Limitation (IRC §163)

Instructions to Form 8990, Limitation on Business Interest Expense Under Section 163(j), released June 26 to reflect enactment of the CARES Act changes to tax code Section 163(j). The new law retroactively increases the amount of business interest expense that may be deducted for tax years beginning in 2019 and 2020 by computing the Section 163(j) limitation using 50% of adjusted taxable income (ATI) instead of 30%. Taxpayers may elect not to use the increased amount, the instructions note. [Instructions to IRS Form 8990]

Reference:
View Instructions, View Form.