Tax Litigation Law Office of Scott Kauffman
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December 2019 Archives

IRS provides guidance on Foreign Tax Credit

The Tax Cuts and Jobs Act (TCJA) led to many changes in the tax code. One example: changes to how the Internal Revenue Service (IRS) considers taxes paid to foreign countries. In the past, the agency has generally allowed individuals and businesses to take a tax credit for certain taxes paid while overseas. Although still allowed, the TCJA impacted how this credit works.