Final Regulations Address Foreign Tax Credit Issues

The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or claim a deduction for foreign derived intangible income (FDII). The regulations finalize 2020 proposed regulations and address the: Disallowance of a foreign tax credit or deduction for foreign income taxes under┬áCode Sec. 245A(d) Determination of …

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