The U.S. IRS recently announced updates to the frequently asked questions (FAQs) in Fact Sheet 2025-09 on the limitation on the deduction for business interest expense (Section 163(j)), including changes made by the One, Big, Beautiful Bill (OBBB). The main changes are summarized as follows:

• For tax years beginning after 31 December 2024, the OBBB amended Section 163(j) by:
  • allowing taxpayer…