The Internal Revenue Service issued final regulations in 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 in IR-2019-193.The Tax Cuts and Jobs Act (TCJA) made major changes to the tax law, including revamping the U.S.…
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Trends in IRS audits – Part II
As we discussed in Trends in IRS audits – Part I, the IRS’s auditing power has been greatly diminished in the past decade and according to accountinTODAY, while most taxpayers envision Internal Revenue Service audits as intrusive investigations resulting in criminal sentences. Today, nothing could be farther than the truth. As we discussed in Trends in…
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