Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast January, 16 2019, Episode 29 Listen as Lynn Nichols provides commentary on 5 Items pertaining to current developments in U.S. tax law. This week’s topics include: IRS Releases Final Instructions for Business Interest Expense Form The IRS has released final instructions for Form 8990, “Limitation on Business Interest Expense Under Section 163(j),” which helps taxpayers calculate the amount of business interest expense to deduct and the amount to carryforward to the next year.     [www.irs.gov . . . Form 8990, 1/2/2019]   OMB Reverses IRS’s Stance on Sequestering AMT Credits The Office of Management and Budget has determined that corporations with alternative minimum tax credits are entitled to full refunds under the Tax Cuts and Jobs Act, reversing the IRS’s position. [Tax Notes Today; 1/8/2019, Article by Emily L. Foster]   Bankruptcy Court Can’t Determine Tax Liability of Non-Debtors A U.S. Bankruptcy Court has dismissed for lack of jurisdiction a complaint se