Corduroy Frog Posted July 23, 2023 Report Share Posted July 23, 2023 An accrual-based BUSINESS taxpayer has accrued or prepaid interest at year-end. Are the rules different for interest than for other expenses, even though taxpayer is accrual-based? Seems like I remember a difference, but would like to know the latest. IRS might have a publication 250 pages long, but I would like to beg out on having to read their stilted language. Thanks in advance - Quote Link to comment Share on other sites More sharing options...
BrewOne Posted July 23, 2023 Report Share Posted July 23, 2023 Look at the instructions for Form 8990 (especially "Exclusions from Filing") and see if you think they apply in your case. 1 Quote Link to comment Share on other sites More sharing options...
Corduroy Frog Posted July 24, 2023 Author Report Share Posted July 24, 2023 Thank you Brewmaster. The Tax Book mentions a threshhold of $27 million, but I feared there were further restrictions. I believe if there are, they would be confirmed on Form 8990. Quote Link to comment Share on other sites More sharing options...
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