Podcast overview
On November 9, 2023, the Treasury and IRS released proposed regulations under section 987, which provide comprehensive guidance on how taxpayers should account for branches that operate in a currency other than the dollar. This newest set of regulations represents a significant departure from common approaches that taxpayers have adopted since section 987 was added to the code almost four decades ago.
The regulations, if finalized as currently proposed will apply to tax years beginning in 2025, so why are we talking about it now? Is there any non-tax significance when the regulations are finalized? What can taxpayers do now to prepare for the new regime?
Join us as our co-hosts Gary Scanlon and Kristen Gamboa are joined by Kevin Brogan and Gloria LaBerge from the KPMG WNT International Tax group to explore these issues and more on the latest episode of Inside International Tax.
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