The US IRS has again deferred the applicability date of foreign currency regulations.
Notice 2020-73, released today, states that Treasury and the IRS will amend the regulations under section 987 to defer the applicability date of 2016 final regulations under section 987 and related 2019 final regulations by one additional year.
The regulations will now become effective for taxable years beginning after December 7, 2021.
Earlier notices deferred the applicability dates of the final regulations to taxable years beginning after December 7, 2020.
The regulations were previously identified in Notice 2017-38, issued in July 2017, as one of eight tax regulation projects that qualify for revision under President Trump’s executive order mandating a reduction in regulatory burdens.
Today’s notice also states that taxpayers may rely on certain related proposed regulations that cross-reference temporary regulations which have expired.
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