In this release, the IRS outlines updates in IRB 2026-12. This article covers employment tax form guidance and proposed Section 987 regulations. Learn more in this week's highlights.
Access to Full lIRS Bulletins in PDF format
The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
EMPLOYMENT TAX
Rev. Proc. 2026-11, page 707.
General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941), and Form 8974. This revenue procedure provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941; Schedule B (Form 941); Schedule D (Form 941); Schedule R (Form 941); and Form 8974. This revenue procedure supersedes Revenue Procedure 2024- 11, 2024-13 I.R.B. 721. e
INCOME TAX
Notice 2026-17, page 698.
Notice 2026-17 announces the Department of Treasury and the IRS’s intent to issue proposed regulations under section 987 regarding the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit. Specifically, Notice 2026-17 announces forthcoming proposed regulations that would permit taxpayers to elect the equity and basis pool method for the computation of unrecognized section 987 gain or loss, in addition to announcing other simplifying rules related to the final section 987 regulations published in December 2024. Notice 2026- 17 further announces forthcoming proposed regulations that would provide an election under which controlled foreign corporations would not compute or recognize foreign currency gain or loss under section 987(3), except in connection with certain inbound transactions. Publication is anticipated to occur on March 16, 2026.