The IRS issued a news release announcing the release of an Excel-based Percentage-of-Completion Method Look-Back Interest Calculator to assist businesses with large, multi-year construction or manufacturing contracts in computing interest required to be reported on Form 8697. The IRS stated that the calculator is intended to support tax professionals working with long-term contracts but does not replace authoritative guidance or guarantee compliance with applicable law, and invited stakeholders to submit feedback regarding the tool. [IR-2026-70, 05/29/26]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
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