Sec. 163(j): Passthroughs – Business Interest Expense Deduction Limitations

On July 28, 2020, the Internal Revenue Service issued final regulations under section 163(j) reflecting a provision of the 2017 tax law, the law that is often referred to as the Tax Cuts and Jobs Act or TCJA, that limits the deduction for business interest expense, and that reflects statutory amendments made by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Related proposed regulations, IRS Notice 2020-59 and FAQs were also released (the Guidance). (Read TaxNewsFlash for a summary of the new guidance and more than 800 pages of new guidance).

KPMG LLP (KPMG) is pleased to invite you to a 90-minute webcast, part of our Tax Reform Thursdays webcast series, on these regulations and their potential impact on U.S. businesses. Senior Washington National Tax professionals from the Passthroughs group discuss:

• General background of section 163(j)
• Effective date implications
• Provisions of general interest
• Highlights of provisions relevant to small businesses and excepted trades or businesses
• Key provisions that impact businesses conducted in passthrough form
• Initial identification of issues and opportunities.