The U.S. IRS has announced the issuance of final regulations and proposed regulations on the Foreign Tax Credit.
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IR-2019-193, December 2, 2019
WASHINGTON — The Internal Revenue Service issued final regulations (PDF) today on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.
The Tax Cuts and Jobs Act (TCJA) made major changes to the tax law, including revamping…