In Revenue Procedure 2020-22, the United States (US) Internal Revenue Service (IRS) granted relief for real estate and farming businesses that want to withdraw or make late Internal Revenue Code Section1 163(j) elections based on provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).The CARES Act added new Section 163(j)(10), which increases the amount of business interest expense that may be deducted for the 2019 and 2020 tax years. Revenue Procedure 2020-22 allows real estate and farming businesses to change their elections if doing so would be advantageous following the changes made by the CARES Act.Increased business deductionsUnder the...