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Final and proposed regulations on foreign tax credit; OIRA review completed

Final and proposed regulations on foreign tax credit

OMB’s Office of Information and Regulatory Affairs (OIRA) reported that it has completed its review of final and proposed regulations concerning the foreign tax credit provisions enacted by the 2017 U.S. tax law (Pub. L. No. 115-97) or the law that is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA).

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Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. OIRA reported that it completed its review of these final and proposed regulations on September 18, 2020:

  • Final regulations—RIN: 545-BP21Follow-on guidance related to the foreign tax credit, including guidance implementing changes made by the Tax Cuts and Jobs Act [TCJA]
  • Proposed regulations—RIN: 1545-BP70Guidance related to the foreign tax credit, including expense allocation and tax accrual rules [TCJA]

Now that OIRA review has been completed, Treasury and the IRS can be expected to release these final and proposed regulations for publication in the Federal Register—the exact date of publication not being known.

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