The Internal Revenue Service finalized rules delaying the effective date for a guidance package instructing multinational companies how to determine gain or loss on foreign currency.
The guidance will apply starting Jan. 1, 2020, a delayed timeline the agency announced in June 2018. The move “appropriately balances taxpayers’ burdens with the need to prevent abuse” the IRS said in the final regulations (T.D. 9857), released May 10.
- The agency in 2016 released final (T.D. 9794), temporary (T.D. 9795), and proposed (REG-128276-12) under tax code Section 987 that ...
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