White House Begins Review of Foreign Tax Credit Rules

Foreign tax credit rules addressing how companies claim benefits against other international tax rules are now under White House review.

The White House Office of Information and Regulatory Affairs received the final rules (RIN: 1545-BP21) under tax code Section 905 on Aug. 31, according to the office’s website. The review is typically the last step before Treasury releases significant regulations.

• The rules are expected to help companies tally payments made by disregarded entities—an entity with one owner that isn’t recognized as separate from its owner for tax purposes—into foreign tax calculations.
• OIRA is also reviewing proposed rules (RIN: ...