On March 1, 2017, the Internal Revenue Service (IRS) released a new International Practice Unit (IPU) summarizing foreign and domestic loss impacts on foreign tax credits (FTC). The IPU provides a summary of the law regarding worldwide taxation and FTC limitations, followed by explanations and analysis for IRS agents examining FTC issues. As we have noted previously, this high-level guidance to field examiners signals the IRS’s continued focus on international tax issues.
IRS Releases International Practice Unit Summarizing Foreign and Domestic Loss Impacts on Foreign Tax Credits
Thursday, March 2, 2017