The IRS has updated the frequently asked questions regarding changes to the limitation on the deduction for business interest expense under the One Big Beautiful Bill. The updates address amendments effective after Dec. 31, 2024, including allowing taxpayers to add back certain deductions when calculating Adjusted Taxable Income and expanding the definition of floor plan financing interest. Additional amendments taking effect after Dec. 31, 2025, clarify which business interest expenses are subject to Section 163(j) and exclude certain controlled foreign corporation income items from Adjusted Taxable Income computations. [IR-2025-126 (Dec. 23, 2025)].
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