Page 578 - Large Business IRS Training Guides
P. 578
Rules for
Certain Debt Instruments
• New IRC § 451(b) overturns the tax treatment of
credit card late fees, cash advance fees, and
interchange fees – and instead subjects these
fees to the AFS rule described previously.
• Note: the inclusion of this income under IRC §
451(b) applies to taxable years beginning after
December 31, 2018.
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