Group Urges IRS to Extend Use of Old Foreign Tax Credit Rules

The IRS should extend its temporary move to allow companies to rely on older, more corporate-friendly foreign tax credit rules for at least an additional year, a business group said Friday.

The reliance on the old rules currently applies for tax years 2022 and 2023, but it should be extended at least through 2024, the National Foreign Trade Council said in a comment letter.

• The IRS said in July that companies could rely on the old rules, with some exceptions, while it considers changes to the newer, stricter rules it issued in late 2021, which have prompted numerous complaints ...