IRS Again Delays Rules On Foreign Currency Gains And Losses

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The IRS has once again delayed by a year the effective date of regulations on how multinational corporations record gains and losses on foreign currency.

The regulations, originally issued as final rules in 2016 (T.D. 9794) and related final rules in 2019 (T.D. 9857), will now be effective for taxable years beginning after Dec. 7, 2023, the IRS said in a notice Monday (Notice 2022-34). For calendar-year taxpayers, they will be applicable starting Jan. 1, 2024.

• The guidance under Section 987 concerns foreign-currency gains and losses involving units of large multinational companies that ...

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