Tax News Update    Email this document    Print this document  

August 15, 2022
2022-1232

IRS announces additional extension of applicability date for foreign currency regulations under IRC Section 987

The IRS has announced (Notice 2022-34) that it intends to defer by one more year the applicability date of certain foreign currency regulations under IRC Section 987. Prior IRS notices have extended the applicability date of regulations under IRC Section 987, which were finalized in 2016 and 2019, to tax years beginning after December 7, 2022. Therefore, the new applicability date is December 7, 2023. A Tax Alert is forthcoming.

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement