August 15, 2022
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.