The IRS has issued final regulations that provide additional guidance regarding the limitation on the deduction for business interest expense. The deduction was amended by the Tax Cuts and Jobs Act and the CARES Act. The regulations address, among other issues, the calculation of adjusted taxable income and the application of the limitation to controlled foreign corporations. They also provide definitions of real property development, real property redevelopment and syndicate. They affect taxpayers that have business interest expense, particularly pass-through entities, their partners and shareholders, as well as foreign corporations and their U.S. shareholders. Contact us with any questions. © 2021
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Jan