Sam Edwards / Getty Images The foreign tax credit is a U.S. tax credit used to offset income tax paid abroad. U.S. citizens and resident aliens who pay income taxes imposed by a foreign country or ...

Such expansive changes to the foreign tax credit rules overstep Treasury’s rulemaking authority, hinging on a strained definition of what qualifies as income tax. The 2021 final FTC regulations ...

On May 12, 2025, the House Ways & Means Committee released legislative text for a new code section 899 designed to impose retaliatory tax ...

That strategy also probably meant that you ended up paying foreign taxes on your investment. But you can recoup that cost on your tax return. The Internal Revenue Service gives you two ways to use ...

The US tax system is robust enough to monitor companies’ profit shifting, and where the US is tracking income, the global ...

Foreign tax credits also come up in the context of employment income ... The judge therefore concluded that the amounts collected by the Spanish government “do not meet the definition of a tax, in ...

You can never escape Uncle Sam. The U.S. and Eritrea are the only two countries in the world where taxes aren’t based on residency. That means no matter where Americans live, they’re subject ...

US citizens who live abroad must still file tax returns with the Internal Revenue Service, meaning that in some cases, they have to pay US and foreign taxes on the same income — though in many ...