Section 987 explained: Taxation of foreign gains and losses has been saved
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Section 987 explained: Taxation of foreign gains and losses
Part of the Tax News & Views podcast series
For businesses operating in international markets and transacting in foreign currencies, the section 987 regulations may bring some much-needed clarity for handling gains and losses transactions. Tune in to hear from Deloitte tax specialists on what taxpayers can expect when these rules go into effect and how best to prepare for the upcoming changes.
Section 987 explained: Taxation of foreign gains and losses
The Treasury and IRS have hinted that the much-anticipated section 987 regulations may roll out sooner rather than later. Once enacted, these rules could significantly change how businesses handle foreign currency gains and losses and clear up looming questions surrounding complex international transactions. Deloitte International Tax practice specialists Aziza Yuldasheva and Michael Mou discuss the expected changes to the taxation of foreign currency transactions and the necessary preparations that all tax professionals should consider:
Taxpayers can continue to use their current calculation method as long as it’s reasonable, until these regulations become final and effective, but they also have the choice of adopting the proposed regs now, which will allow them to postpone the final regs by another year. —Aziza Yuldasheva
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