The US IRS has announced that it will again delay by one year the effective date of final and temporary regulations dealing with the taxation of foreign currency gains and losses. The regulations were originally published in December 2016.
Notice 2019-65, released November 6, announces that the government will amend the final section 987 regulations and certain related final and temporary regulations to provide that the applicability date is extended. The notice will be officially published in IRB 2019-52, on December 23.
Notice 2017-57, published on October 16, 2017, and Notice 2018-57, published on June 25, 2018, each delayed the applicability date of the final regulations, along with the related final and temporary regulations, by one year.
The regulations were 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.
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