The exemption to the limitation on business interest under Sec. 163(j) does not apply to a tax shelter prohibited from using the cash-receipts-and-disbursements method of accounting under Sec. 448(a)(3).
Taxpayers will receive additional information relating to bond premiums on Forms 1099-INT and 1099-OID.
New notices provide greater detail on the types of transactions intended to be covered under basket contract rules.
The IRS eliminated the requirement that each disbursement from a designated Roth account that is directly rolled over to an eligible retirement plan be treated as a separate distribution from any amount paid directly to the employee.