Treasury And The IRS Announce Simplifications And New Elections For Businesses Operated In A Different Currency

The section 987 regulations that were finalized in 2024 after decades of revision are getting yet another makeover. On February 25, 2026, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2026-17 (Notice), announcing their intent to issue new proposed regulations under section 987 (Proposed Regulations), which are intended to simplify compliance with the current regulations, reduce compliance burdens, and narrow the scope of certain rules to limit... By: Eversheds Sutherland (US) LLP