The Internal Revenue Service issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.
Federal tax reform
Any filing season that involves new tax law typically requires the IRS to determine what new data must be collected on a tax return and how that data will interact with other return data or processing.
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings.
The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.