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IRS Updates Instructions for Limitation on Business Interest Expense Under Section 163(j)

|Approved Changes|United States
United States

The U.S. IRS has published updated instructions for Form 8990, Limitation on Business Interest Expense Under Section 163(j). One of the key updates concerns a change in the adjusted taxable income (ATI) computation for the limitation. As approved in the Tax Cuts and Jobs Act, the limitation on business interest deductions is equal to 30% of the ATI. For tax years beginning before 2022, depreci…

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