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Alison Dougherty, a director in Aronson’s Tax Services Group, hosted a webinar titled, “New Form 1116 Foreign Tax Credits for Individuals: New Income Baskets, New Calculation Rules,” on June 25th.
This webinar provided a practical guide to completing Form 1116 to claim foreign tax credits (FTCs) in the aftermath of recent IRS guidance interpreting the 2017 tax reform law changes to the Section 901 credit regime. The panel outlined which foreign taxes are eligible for foreign income tax credits after GILTI, discussed strategies for determining the optimal treatment of creditable foreign taxes, and described the elections available for taxpayers with foreign income and taxes.
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