Whether you're a small business owner or the manager of a corporate accounting department, you may need to know how to make adjusting entries for accrued interest on bonds. Adjusting entries are ...

Companies in need of cash commonly turn to long-term debt, such as issuing bonds and obtaining bank loans. The interest that accrues on long-term debt is treated as a business expense for both book ...

Thanks to accrual basis accounting, many expenses appear on the balance sheet before money changes hands. The company records these expenses, called accrued expenses, in the period they occur. They ...

The US Department of the Treasury and the Internal Revenue Service on April 2 issued “Initial Guidance Under Section 163(j) as Applicable to Taxable Years Beginning After December 31, 2017” (Notice ...

In Notice 2018-28, the IRS answered a number of important questions about the new business interest limit in Sec. 163(j), as amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), and ...

Code Section 163(j), as revised by the Act, limits a taxpayer’s annual deduction of interest expense to the sum of: (i) business interest income, (ii) 30 percent of the taxpayer’s adjusted taxable ...