IRS Considers Extension on Rollback of Foreign Tax Credit Rules

The IRS is considering extending the period in which taxpayers can rely on old foreign tax credit rules, while the agency mulls changes to newer rules.

The IRS also plans to issue guidance by the end of 2023 on how the foreign tax credit will work with the pending 15% global minimum tax, said Anthony Ferrise, an IRS senior international adviser on cross-border activities. He was speaking at an IRS/Tax Executives Institute conference in New York on Wednesday.

• The IRS may issue both the guidance on the global minimum tax and the extension of the reliance on ...