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IRS issues guidance on business interest expense limitations

IR-2018-82, April 2, 2018

WASHINGTON ― The Treasury Department and the Internal Revenue Service (IRS) today issued Notice 2018-28, which provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22, 2017.  In general, newly amended section 163(j) of the Internal Revenue Code imposes a limitation on deductions for business interest incurred by certain large businesses. For most large businesses, business interest expense is limited to any business interest income plus 30 percent of the business’ adjusted taxable income.

Today’s notice describes aspects of the regulations that the Treasury Department and the IRS intend to issue, including rules addressing the calculation of the business interest expense limitation at the level of a consolidated group of corporations and other rules to clarify certain aspects of the law as it applies to corporations. The notice clarifies the treatment of interest disallowed and carried forward under section 163(j) prior to enactment of the recent tax legislation.  Finally, the notice makes it clear that partners in partnerships and S corporation shareholders cannot interpret newly amended section 163(j) to inappropriately “double count” the business interest income of a partnership or S corporation.

Today’s notice requests comments on the rules described in the notice and also requests comments on what additional guidance should be issued to assist taxpayers in computing the business interest expense limitation under section 163(j).  The Treasury Department and the IRS expect to issue additional guidance in the future.

Today’s notice, Notice 2018-28, will be published in IRB 2018-16 on April 16, 2018.  The Treasury media contact for this matter is Marisol Garibay, Deputy Assistant Secretary for Public Affairs, 202-622-6490.

General limitation on deduction for business interest

New section 163(j) limits the net interest expense deduction for most businesses, regardless of form, to 30 percent of adjusted taxable income (ATI). Net interest expense means the amount of interest paid or accrued by the taxpayer during the tax year, less the amount of interest income includable in the taxpayer’s gross income for the year.

Computation of ATI – basis for the deduction limitation amount

The maximum amount of net business interest deductible under the new rule will be 30 percent of ATI, as noted above. ATI generally is a business’s taxable income computed without regard to:

(1)   any income, deduction, gain, or loss not properly allocable to a trade or business;

(2)   business interest income and expense;

(3)   any net operating loss deduction;

(4)   the new “qualified business income deduction (i.e., the 20 percent deduction for certain pass-through income under new section 199A); and

(5)   for tax years beginning before Jan. 1, 2022, any deduction allowable for depreciation, amortization, or depletion.

The Act authorizes Treasury and the IRS to provide adjustments to the ATI computation. For applying the 30 percent of ATI interest deduction limitation, ATI will not be less than zero.

For tax years beginning in 2018 through 2021, the computation of ATI should approximately reflect a business’ earnings before interest, taxes, depreciation, and amortization (EBITDA).  For tax years beginning after 2021, the ATI definition will change automatically.  ATI would then approximate earnings before interest and taxes (EBIT), because item (5) above – depreciation, amortization, and depletion deductions will no longer be excluded from ATI. This change generally would decrease ATI and, as a result, decrease the maximum amount of deductible business interest expense.

Carryforward of nondeductible business interest

Taxpayers generally may carry forward any unused business interest expense indefinitely.

Exceptions for certain smaller businesses, floor plan financing, and specified businesses

The new business interest expense limitation generally will not apply to taxpayers with average gross receipts that do not exceed $25 million for the three-taxable-year period ending with the prior taxable year. The $25 million threshold applies in the aggregate to certain related taxpayers.

Floor plan financing interest will not be subject to the new section 163(j) limitation. Floor plan financing interest is interest on debt used to finance the acquisition of motor vehicles held for sale or lease. Motor vehicles, for this purpose, include any self-propelled vehicle designed for transporting persons or property on a public street, highway, or road; boat; or farm machinery or equipment.

The following specified business types are excepted from the new section 163(j) limitation; interest paid or incurred by these businesses are not considered business interest for the purpose of computing the deduction limitation: (i) the business of performing services as an employee, (ii) an electing real property business (generally, a real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business), (iii) an electing farming (or agricultural cooperative) business, and (iv) rate-regulated electrical, water, sewage, gas, or steam sale or distribution businesses.

Application to pass-through entities

Special rules apply to certain pass-through entities and their owners under new section 163(j).  This Alert does not address those rules.

Interest deferral and disallowance rules

Other interest rules governing interest capitalization, deduction disallowance, and deduction generally will apply prior to applying new section 163(j), according to the legislative history.

Observations

Note that the interest limitation applies to “net” interest expense, which means taxpayers may use their annual interest income (assuming they have any) to offset their annual interest expense, before they apply the 30 percent restriction.  The rule allows for the provision of so-called ‘back to back’ loans whereby one taxpayer, such as a domestic corporation, borrows money from a financial institution and makes a corresponding loan of some or all of the funds to another entity such as a foreign subsidiary.  The section 163(j) limitation calculation may only apply to the interest expense in excess of the interest received on the corresponding loan.

In addition, the EBITDA approach in determining ATI through 2021 serves to somewhat lessen the blow of the limitation.  The goal of simplification of the tax system is certainly not achieved with this provision as it presents additional complexity to almost every business borrower.  It is unclear whether and how the Treasury will address non-debt arrangements having time value of money elements in light of this new interest limitation.

Finally, while certain provisions of the Act could increase M&A activity, the section 163(j) limitation may put downward pricing pressure on LBO transactions because the interest deduction limitation may result in lower cash flow projections.

Report of Foreign Bank and Financial Accounts (FBAR) Due Date for Calendar Year 2018 FinCEN would like to reiterate, as previously announced on our website in December 2016, the annual due date for filing FBARs for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act). Specifically, section 2006(b)(11) of the Act changed the FBAR due date to April 15 to coincide with the Federal income tax filing season. The Act also allows an extension of the filing deadline of up to six months. To implement the statute with minimal burden, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. (See https://www.fincen.gov/sites/default/files/2016- 12/New%20FBAR%20Due%20Date%20Announcement%20%28FINAL%2012-16-16%29.pdf.) The FBAR filing deadline will follow the Federal income tax due date guidance, which notes that when the Federal income tax due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. (See https://www.irs.gov/filing/individuals/when-to-file.) Accordingly, the due date for FBAR filings for foreign financial accounts maintained during calendar year 2017 is April 17, 2018, consistent with the Federal income tax due date. Filers who fail to file their 2017 calendar year FBAR by April 17, 2018, have an automatic extension up to October 15, 2018.

Reminder to Employers
All wage statements due January 31

The PATH Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form. This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps prevent fraud. Failure to file these forms correctly and timely may result in penalties. As always, the IRS urges employers and other businesses to take advantage of the accuracy, speed and convenience of filing these forms electronically.

State Sales Tax Rate for Rental, Lease, or License to Use Real Property Decreases to 5.8% on January 1, 2018

Effective January 1, 2018, the state sales tax rate imposed under section 212.031, Florida Statutes, on the total rent charged for renting, leasing, letting, or granting a license to use real property is decreased from 6% to 5.8%. Some examples of real property rentals subject to tax under section 212.031, Florida Statutes, include commercial office or retail space, warehouses, and self-storage units or mini- warehouses. The local option discretionary sales surtax imposed by the county where the real property is located continues to apply to the total rent charged. If you file Form DR-15, Sales and Use Tax Return, be sure to report commercial rental amounts and tax and surtax due on Line C, Commercial Rentals. For more information, see Tax Information Publication 17A01-14.

2018 Annual Resale Certificate Available Now

You can now download and print your 2018 Annual Sales and Use Resale Certificate from the Sales and Use Tax menu under the Other Options category. If you are registered only to report and pay Florida use tax, you will not receive a resale certificate. Contact the Department at 850-488-6800 if you have problems printing your certificate.

Are You Required to Make Estimated Tax Payments During 2018?

Florida law requires estimated tax payments if the business paid $200,000 or more in state sales tax, excluding local option taxes and surtaxes, during the preceding state fiscal year (July 1 – June 30). Estimated tax must be paid each reporting period beginning with the December 2017 return, due January 1, 2018. Business owners must choose one of three methods for computing estimated tax due each reporting period, but may change methods from one reporting period to the next. Businesses using the average tax liability method must compute a new average tax liability for 2017 to be used for returns due during the 2018 calendar year, beginning with the December 2017 return. Businesses who fail to pay estimated tax or who underpay estimated tax are subject to a loss of collection allowance and a 10% penalty on any underpayment of estimated tax, and must pay interest due on the underpaid amount. For more information, see the DR-15N, Instructions for DR-15 Sales and Use Tax Returns.

AÑO 2017

Ciudadanos Americanos y EXTRANJEROS RESIDENTES  deben tener obligatoriamente cobertura de salud; si por alguna razòn no tienen estàn expuestos a ser penalizados al preparar la declaraciòn individual de impuestos. En algunos casos puede aplicar a alguna excepciones para lo cual se debe utilizar la forma 8965. Esta regulaciòn ya ha sido establecida con anterioridad pero la mencionamos porque en esta temporada de impuestos habrà que tocar este punto. Se presume que durante este 2017 podràn haber cambios en el tema de la responsabilidad en cuando a la cobertura de salud. Estaremos comentando al respecto. Actualizado en Diciembre 15/2016.

Cambios en las fechas de presentaciòn de planillas de impuestos (Importante). “Partnerships” tipicamente conformados en las LLC Y LAS CORPORACIONES TIPO S, deben presentar planillas de impuestos el pròximo 15 de Marzo. Anteriormente las LLC presentaban planilla de impuesto en Abril 15. Actualizado en Diciembre 15/2017

Las CORPORACIONES TIPO  C deben presentar su planilla de impuestos en Abril 15, antes lo hacìan en Marzo 15.  Actualizado en Diciembre 15/2017

Formas W-2, W-3 y 1099 Misc. (Importante) Estas formas deberàn ser reportadas a màs tardar en Enero 31 del 2017. Actualizado en Diciembre 15/2017

Abril 17,2017 es el plazo màximo para la presentaciòn de impuestos personales, si la informaciòn no està lista lo mas recomendable es envìar una solicitud de extensiòn.

La provisiòn que permite 15 años de amortizaciòn en las mejoras en propiedades comerciales, mejoras en los restaurantes y mejoras en los sitios de venta al pùblico, es ahora de caracter definitivo.

La secciòn 179 que permite una depreciaciòn total por equipos comprados durante el año fiscal es de $500,000. Existe limitaciòn en la secciòn 179 si las compras de equipos sobrepasan los $2,000,000. Para el periòdo fiscal 2017 para aquellos equipos que fueron depreciados via secciòn 179 el balance puede ser depreciado en un 50% para el primer año. 

La exenciòn de impuestos por la ganancia generada en aquellos prestamos de casas de residencia principal fuè extendida hasta el año fiscal 2016. Para el pròximo año fiscal del 2017 la exenciòn de impuestos por condonaciòn de deudas en residencias no va a existir.

Formas ITIN. Aquellas personas extranjeras que no puedan tener tarjeta de seguro social y que necesitan una identificaciòn tributaria deben aplicar a un nùmero ITIN. Si la persona extranjera tiene un ya tiene un ITIN y no lo ha utilizado al menos una vez en los ùltimos tres años, el nùmero no serà valido a partir de Enero 1 del 2017. Personas que necesiten llenar planillas de impuestos  usando ITIN debe renovarlo antes de enviar su declaraciòn de impuestos del 2017. Para renovar e ITIN se deberà utilizar la forma W-7.