The U.S. IRS and Treasury have issued final regulations on the Classification of Digital Content Transactions and Cloud Transactions. The final regulations were published in the Federal Register on 14 January 2025 and generally apply to taxable years beginning on or after that date. However, taxpayers may elect to apply all of the rules of the final regulations to taxable years beginning on or after 14 August 2019 as long as all related persons also apply all of the rules of the final regula…