Treasury announces simplifying elections in forthcoming Proposed IRC Section 987 Regulations (Notice 2026-17)

On February 25, 2026, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury released IRS Notice 2026-17, previewing proposed regulations under Internal Revenue Code Section 987. The Notice aims to simplify the foreign currency rules applicable to Section 987 qualified business units (“QBUs”), reduce administrative complexity, and provide more practical compliance outcomes […]