The Treasury Department issued guidance to allow taxpayers to temporarily use previous rules when claiming foreign tax credits in 2022 and 2023.
The agency published the guidance (Notice 2023-55), which modify rules issued late last year (T.D. 9959).
This option will help many companies dealing with the new stricter requirements that had been put in place under regulations issued in January 2022. The new regulations added revised rules that caused taxpayers to question whether certain foreign income taxes remain creditable.
The attached OnPoint discusses the Notice’s:
- Option to use historical foreign tax credit rules;
- View of ...
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