David Zimmerman Comments on Final Rules for Debt Interest Deduction in Bloomberg Law
"Pair of Rules for Debt Interest Deduction Are Nearing Release"
David Zimmerman commented on the upcoming release of final rules clarifying caps on business interest payment deductions following the passage of the Tax Cuts and Jobs Act of 2017. The rules are expected to be released alongside a package of additional proposed rules, and the IRS may be holding off on releasing the final rules until the White House review of the proposed package is finished. It is common for the agency to use a simultaneous release to propose the withdrawal of and significant revisions to provisions in related final rules, as the IRS did for final rules for the 2017 law’s full expensing provision last fall, Zimmerman said. "The question is whether they are going to get these out in time," he added, noting that a March 16 deadline is fast approaching for partnerships and S corporations that operate on a calendar-year schedule to file or request a six-month extension.