foreign tax credit


U.S. Foreign Tax Credit Not Impacted by Repayment of Foreign Tax Refund

The tax assessment and collection process in most foreign countries is markedly different than the process in the U.S. These differences can present a number of challenges for U.S. citizens who reside in foreign countries. In Sotiropoulos v. Commissioner, T.C. Memo. 2017-75, the court considered one of these challenges, namely, how does one determine whether […]

The post U.S. Foreign Tax Credit Not Impacted by Repayment of Foreign Tax Refund appeared first on Houston Tax Attorney.


Taxes Remitted to the U.S. Virgin Islands in Error Were Not Compulsory Payments

One of the common issues that comes up on audit is whether payments to foreign governments are creditable for purposes of the U.S. foreign tax credit (“FTC”). This often hinges on whether the payments were “compulsory.” There is little guidance as to what payments are compulsory. The court recently addressed this issue in Vento v. […]

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