TEI Files Comments regarding Proposed Regulations addressing the Foreign Tax Credit

On February 18, 2020, Tax Executives Institute, Inc. (TEI), filed comments with the Internal Revenue Service and U.S. Department of the Treasury regarding proposed U.S. foreign tax credit regulations. TEI’s comments focused on the unnecessary administrative burden required under the Proposed Regulations to adjust the amount of a U.S. foreign tax credit claimed on a prior year return due to a redetermination of the amount of foreign tax paid related to the prior year. TEI also commented on issues related to the allocation of stewardship expenses incurred by a consolidated group, among other things. Benjamin R. Shreck, TEI Tax Counsel, assisted in preparation of the Institute’s comments.

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