The U.S. IRS has issued an announcement regarding the effective date of the termination of the 1989 shipping agreement with Hong Kong. --- Announcement 2020-40; The United States provided written notification, dated August 18, 2020, to the Government of the Hong Kong Special Administrative Region of its termination of a reciprocal agreement to exempt from income tax certain income from the international operation of ships. This announcement provides that the termination shall take effect on January 1, 2021, and shall have effect for taxable years beginning on or after that date.