Section 987 Regulations Concern AICPA | AccountingWEB

Section 987 Regulations Concern AICPA

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.