Section 987 Regulations Concern AICPA

Posted by accountingweb on Apr 9 2007 680 printer friendly

The American Institute of Certified Public Accountants (AICPA) recommended to the Department of the Treasury and the IRS that they “reconsider the approach of the proposed regulations” relating to Internal Revenue Code section 987 and offered to discuss with government officials other proposals for determining section 987 gain and loss.

The AICPA said it is “concerned that the 2006 proposed regulations will frustrate the currency reforms made by The Tax Reform Act of 1986 and will pose an unreasonable compliance burden on taxpayers.”

If Treasury and IRS decide to continue the approach in the proposed regulations, AICPA said the almost 20 recommendations for modification outlined in its comments should be made to the final section 987 regulations.

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