EIFEL: Best practices and compliance readiness

The excessive interest and financing expenses limitation (EIFEL) rules are now law and effective for tax years starting on or after October 1, 2023. Under these rules, the tax-deductible amount of interest and financing expenses (IFE) could be significantly reduced for impacted corporations, trusts, and certain eligible partnerships.  

It's important for taxpayers like you to determine if the EIFEL rules apply to them as the rules are highly complex—requiring a multi-factored calculation to be completed for tax purposes and a specific schedule to be filed by those impacted. 

During this session our experienced tax practitioners will discuss how you can: 

• Determine if you have an EIFEL filing requirement 
• Discuss “surprises” that our tax practitioners have uncovered having now worked through different client facts and circumstances. 
• Examine financing structures, what to avoid and consider in light of the EIFEL rules.
• Understand filing obligations including:  

              1) Who needs to file

              2) What forms need to be filed

              3) What elections need to be considered

              4)  Filing deadlines (forms and elections)

              5) Penalties and implications of late filed forms / elections

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