IRS Wants More Comments on Your Nonfunctional Currency Tax Headaches
Published Date: 3/12/2025
Notice
Summary
The IRS wants to keep collecting info on how people and businesses report gains or losses from certain foreign currency deals, called Section 988 transactions. They’re asking for public feedback by May 12, 2025, but no changes are planned right now. This affects about 5,000 taxpayers who spend around 40 minutes each year on this paperwork.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
You must keep reporting Section 988 gains/losses
If you engage in certain foreign currency deals called Section 988 transactions, the IRS will continue collecting information about your gain or loss under the existing rules. About 5,000 taxpayers are affected and the IRS estimates each respondent spends about 40 minutes per year, for a total of about 3,333 annual burden hours.
You must retain records; returns remain confidential
If your books or records may become material to any internal revenue law, you must keep them as required. Tax returns and tax return information generally remain confidential under 26 U.S.C. 6103.
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Key Dates
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