Companies have more clarity on how they can claim foreign tax credits under the new international tax regime.
- The Internal Revenue Service on Dec. 2 released final regulations (T.D. 9882) telling companies how to claim foreign tax credits against the new global intangible low-taxed income category, which was introduced in the 2017 tax overhaul.
- The IRS also released proposed rules that offer relief to companies that have expenses related to research and development in the U.S., which previously limited the availability of foreign tax credits.
- The rules finalize proposed rules (REG-105600-18) released Nov. 28, 2018, that...