IRS practice units: Foreign currency translation; reduced foreign taxes under treaty provisions
IRS examiner “job aides” and training materials
The IRS Large Business and International (LB&I) division today released two “practice units”—part of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions:
- Foreign Currency Translation—this “process unit” replaces a practice unit from April 2020 by providing some clarifying narrative as well as removing various reference items deemed obsolete.
- Reduced Foreign Taxes Under Treaty Provisions—this “process unit” replaces a practice unit from February 2018 and provides some clarifying narrative as well as removes items of reference which are obsolete.
The practice units are available on the IRS practice unit webpage.