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Navigating the New Foreign Tax Credit Regulations (Podcast)

June 10, 2022, 8:45 AM

One of the hottest issues in the corporate-tax world right now is about when multinational companies can use the taxes they pay in foreign countries to defray their US tax bills.

The Treasury Department has made that process tougher. Last December, it tightened US foreign tax credit rules, narrowing the range of taxes that qualify for it. But many companies have complained that Treasury went too far—rendering some taxes ineligible for the credit even though they’ve been eligible for years, and thus requiring companies to pay taxes twice on the same income. Earlier this month, the chief financial officers of ...