Treasury to Allow Currency Gain, Loss Election on Amended Return

Certain US-owned foreign companies will be allowed to make an election on their amended 2025 tax returns that would permit them not to compute foreign currency gains and losses.

The Treasury Department is working to release official proposed regulations on the election, Jim Wang, international tax counsel at the department, said. He was speaking at the New York State Bar Association summer tax meeting in Arlington, Va.

“Because we see that people need time to decide where to make the election or not, we do intend to allow the election to be made on amended returns for 2025,” he added. ...