AICPA Comments on IRS Currency Transaction Proposal


The Institute’s tax executive committee submitted recommendations on IRS-proposed revisions to section 987 of the Internal Revenue Code that require a taxpayer to recognize exchange gain or loss—upon receiving a remittance from a qualified business unit (QBU)—by apportioning its basis in the QBU to each remittance and then recognizing exchange gain or loss based on the difference between the value of the remittance and the basis apportioned to it ( www.cpa2biz.com/ResourceCenters/Tax/International/987regs.htm ). Among its other suggestions, the committee recommended the revised regulations provide that no exchange gain or loss be recognized on remittances of capital from a QBU and that they adopt the “four-pool” approach of regulations section 1.987-5 to determine whether transfers are remittances of earnings or capital.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.