The taxpayer argued that the 10-year period also applies to the refund claims related to the foreign tax deduction. Holding: The Second Circuit rejected the taxpayer’s argument, holding that the plain ...

Foreign entity of concern (FEOC) rules deny tax credits for projects that exceed using certain thresholds of Chinese products ...

The tax laws impose limitations on the amount of foreign tax credit allowed. The foreign tax credit is, for example, limited to the amount of tax liability owed. In addition, ...

The foreign tax credit can help mitigate the impact of the alternative minimum tax (AMT) for taxpayers with income taxed ...

While storage fared better than solar and wind, homeowners interested in residential batteries face dwindling opportunities.

Under the Notice, no foreign tax credit is allowed to a US taxpayer for a “final top-up tax” if, under the foreign tax law, any amount of US federal income tax liability of the US taxpayer ...

The IRS has let Americans living abroad wrongly claim tax credits on their foreign income, according to a new report from the agency’s watchdog. The Department of Treasury’s inspector general ...

On December 28, 2021, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued updated foreign tax credit (FTC) regulations (the 2021 final FTC regulations).

The final regulations on the Foreign Tax Credit relate to a longstanding tax benefit that underwent some major changes from the TCJA. Individuals and businesses have traditionally been able to claim a ...

WASHINGTON — The IRS allowed foreign workers — many of them in the U.S. illegally — to improperly claim nearly $7 billion in child tax credits from 2004 to 2007, a government investigator ...

Importantly, you can’t take this tax break on income you excluded using the foreign tax exclusion. In other words, if you lived and worked in a foreign country and therefore excluded $120,000 of ...

Though the court previously allowed class certification in the case, a new order firmly rejects the plaintiffs’ arguments that they were entitled to certain foreign tax rebates generated by group ...