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US Treasury provides welcome temporary relief from controversial foreign tax credit regulations

|Tax Alerts, National/Federal Taxation|United States
United States

  • The notice allows taxpayers to claim foreign tax credits that otherwise may not have been available.
  • The relief period is limited, ending with 2023 tax years. However, Treasury is considering changes to the foreign tax credit regulations and further relief.
  • Taxpayers should evaluate the notice's impact on their pending (or already filed) tax returns, financial statements, and foreign tax credit profile.

In a notice released on July 21, 2023 (Notice 2023-55; Notice), the United States (US) Treasury …

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