A much-awaited rule proposal addressing taxpayers’ complaints about the Treasury Department’s foreign tax credit regulations should be issued within the next couple of weeks, an IRS official said Monday.
Peter Blessing, associate chief counsel (international) for the IRS, also said he expects a notice providing guidance on the new corporate alternative minimum tax to be issued by the end of 2022, with a second notice to come in the first quarter of 2023.
“There will be a notice of some kind this year,” said Blessing, speaking at a conference in Palo Alto, Calif., sponsored by the Tax Executives Institute and ...