The US IRS today announced that it will further extend the effective date of section 987 final and temporary regulations dealing with the taxation of foreign currency gains and losses. The regulations were originally published in December 2016.
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
IRS announced in Notice 2017-57, issued October 2017, that the government would defer the applicability date of final regulations under section 987 (TD 9794), as well as related section 987 temporary regulations (TD 9795) by one year.
Today’s notice, Notice 2018-57, further delays applicability date of this guidance.
Treasury Department and the IRS are considering changes to the final regulations that would allow taxpayers to elect to apply alternative rules for transitioning to the final regulations and alternative rules for determining section 987 gain or loss, the government said.
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