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Washington Tax Insight April 2020

Politics and Congressional Activity The coronavirus pandemic has now taken over the agenda of the Congress and the Administration with efforts to deal with both the public health crisis and the economic crisis.  Prior to the crisis, 2020 looked to be a quiet year with respect to tax issues due to the November Presidential and Congressional elections.  Congress has now enacted three pieces of legislation aimed at addressing the health […]

April 3, 2020

The Foreign Tax Credit – Final and Proposed Regulations Issued by Treasury and the IRS in December 2019 – Part 2

On December 2, 2019, the US Treasury and IRS released final regulations (2019 Final Regulations) that provide guidance regarding the determination of foreign tax credits (FTCs), which generally allow individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.  The IRS also issued proposed regulations (2019 Proposed Regulations) relating to the allocation and apportionment of expenses, deductions and creditable foreign taxes, and issues related […]

March 9, 2020

The Foreign Tax Credit – Final and Proposed Regulations Issued by Treasury and the IRS in December 2019 – Part 1

On December 2, 2019, the US Treasury and IRS released final regulations (2019 Final Regulations) that provide guidance regarding the determination of foreign tax credits (FTCs), which generally allow individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.  The IRS also issued proposed regulations (2019 Proposed Regulations) relating to the allocation and apportionment of expenses, deductions and creditable foreign taxes, and issues related […]

March 9, 2020