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Treasury Hits Pause on Imposing New Foreign Tax Credit Rules

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Treasury Hits Pause on Imposing New Foreign Tax Credit Rules

  • By Isabel Gottlieb and Michael Rapoport

The IRS is temporarily allowing taxpayers to follow the old rules on the foreign tax credit while it considers whether to modify its newer, controversial standards for claiming the credit. This is a relief for companies that have complained that the new rules are too strict.

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