IRS Notice 2024-55: The Game-Changer Taxpayers Didn’t See Coming

On July 21, 2024, the Internal Revenue Service (IRS) unveiled Notice 2024-55. This document offers temporary relief to taxpayers, aiding them in determining the credibility of a foreign tax under sections 901 and 903. The Notice applies for tax years from December 28, 2021, to December 31, 2024. The Evolution of Foreign Tax Credit Regulations … Read more