On 30 October 2018, the IRS Large Business and International (LB&I) Division issued a release announcing the approval of five additional compliance campaigns. The compliance campaigns and their description are as follows:
Individual Foreign Tax Credit Phase II
Section 901 of the Internal Revenue Code alleviates double taxation through a dollar-for-dollar credit against U.S. tax on foreign-sourced income in the amount of foreign taxes paid on that income.
Individuals who meet certain …