On 26 November 2018, the U.S. IRS announced the issuance of the proposed regulations for the limitation on deduction of business interest expense under section 163(j) as introduced by the Tax Cuts and Jobs Act. --- WASHINGTON — The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision. For tax years beginning after Dec. 31, 2017, the...