KPMG Inside International Tax
Episode 08-2022 | In recent months, inflation has been a hot topic and we have seen the Federal Reserve increase interest rates in response to historic inflation. These moves have strengthened the U.S. dollar in relation to many currencies around the world. In this episode, we discuss potential consequences and considerations of this recent strengthening of the U.S. dollar. How are foreign currency losses triggered? What are the consequences of triggering such losses? What foreign currency issues can arise in M&A deals? And how might foreign currency losses be taken into account for purposes of Pillar Two?
Our host, Gary Scanlon, interviews Howard Wiener from the International Tax group of the KPMG Washington National Tax practice to get an overview of how the United States taxes foreign currency gains and losses and practical observations on what taxpayers should consider when the U.S. dollar is the strongest it has been in recent memory.
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