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Federal 8990 Form: What You Should Know

IRS releases Form 8990 for reporting business interest subject Dec 18, 2024 — As discussed in draft instructions, section 163(j) Business Qualified Dividend Interest can be deducted from a business liability for the first taxable period. IRS Publication 535 and Section 661 Regulations. Taxpayers must be aware that the IRS has modified certain rules and regulations to make them more consistent with the IRS's existing guidance in Revenue Procedure 2017‑28. IRS Publication 530, Business Interest Deduction Limitations, shows the revised rules in Revenue Regulation 531‑A provide a “completion date” for the taxpayer's interest in any business, whether taxable or not. The IRS believes that it is preferable to use the completion date specified in the Ruling as the method for figuring the deduction in the case of a taxable interest in a taxable business. This “completion date” should be used for determining whether a taxpayer's interest on an account receivable includes any interest that is qualified dividend income subject to the section 163(j) limitation. It is important that the taxpayer use the completion date from the Ruling. If the interest paid or accruing on an account includes interest that is qualified dividend income subject to the section 163(j) limitation, the interest may be counted if its date of payment is not in excess of the “completion date” set forth in the Ruling. The guidance states that as long as the interest is not qualified dividends it should be counted on line 25 of the return. Taxpayers should be aware that the Ruling provides that no deduction should be allowed for a business interest in any account receivable when the interest is in excess of the “completion date.” However, the rules stated in Revenue Rule 531-A (section 551(b)(2) relating to the completion date) could result in a deduction of the interest that has been counted. Additional Guidance Regarding Limitation on Deduction for Dec 13, 2024 — Form 8990. IRS releases Form 8990 for reporting business interest subject As described in the draft information sheet, Form 8990 is used to calculate the amount of business interest expense that can be deducted and the amount to carry forward to the next year. See Form 8990. (Rev. December 2021).

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