Forbes contributors publish independent expert analyses and insights. Amber Gray-Fenner covers individual and crypto taxation and IRS news. This article is more than 3 years old. New forms required ...

The foreign tax credit can help mitigate the impact of the alternative minimum tax (AMT) for taxpayers with income taxed abroad. While the AMT limits certain deductions and credits, it does allow a ...

If your business is paying taxes to a foreign country on income you earn from abroad, you may claim those taxes as a deduction or a credit on your federal tax return. The rule allows you to avoid ...

The FTC operates on a relatively straightforward formula. However, it’s not a dollar-for-dollar deduction. Rather, it depends on several factors, including your total foreign income, the foreign taxes ...

Here is one of those questions: On this K-2 and K-2 reporting requirement, if you know all your owners will be under the $300/$600 amounts and you can elect not to file Form 1116, does this get you ...

If your small business has foreign investments that provide interest income, you may be eligible for a foreign tax credit. In fact, any unearned income, such as dividends, rents, royalties and capital ...

The Internal Revenue Service issued some clarifications on an agreement with the French government not to challenge foreign tax credits for certain kinds of tax payments in France. The IRS originally ...

May 16, 2022 / PRZen / TORONTO — The U.S. is one of a few countries in the world operating on a citizenship-based taxation basis, meaning that U.S. citizens are taxed on their worldwide income ...