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The Tax Cuts and Jobs Act (P.L. 115-97) amended section 163(j) to reflect a limitation on the deduction for business interest expense for certain taxpayers in tax years beginning after 2017. Use Form 8990 to figure the amount of business interest expense you can deduct and the amount to carryforward to the next year. Information about Form 8990, Limitation on Business Interest Expense Under Section 163(j), including recent updates, related forms and instructions on how to 7 Jan 2019 A taxpayer who is a U.S. shareholder of an applicable controlled foreign corporation (CFC) that has business interest expense, ha a disallowed business interest expense carryforward, or is part of a CFC group election generally, must attach Form 8990 with Form 5471, Information Return of U.S. Persons With Respect To Form 8990. (December 2018). Department of the Treasury. Internal Revenue Service. Limitation on Business Interest Expense. Under Section 163(j). ? Attach Per the IRS, Form 8990 is used to calculate the amount of business interest expense that can be deducted and the amount to carry forward to the next year.