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Reporting Business Interest

2019 – 01/07 The IRS has released Form 8990 for reporting business interest, subject to the new Sec. 163(j) limit. Form 8990 is used to calculate the amount of business interest expense a taxpayer can deduct and the amount to carry forward to the next year. The form generally must be filed by a taxpayer with business interest expense, a disallowed business interest expense carryforward, or current-year or prior-year excess business interest expense. There are specific exclusions from filing Form 8990. Read Form 8990 draft instructions here: https://bit.ly/2GZeCyy

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