The Tax Cuts and Jobs Act (TCJA) revamped the framework for the foreign tax credit. These changes are outlined in the proposed regulations released on Nov. 28, 2018.
The TCJA added new income baskets for foreign tax credit purposes related to GILTI and foreign branch income. The rules related to the apportionment of expenses to foreign income were adjusted to accommodate the addition of these new income baskets. In this webinar, we’ll discuss the significant aspects of the foreign tax credit proposed regulations, including changes to the calculations, new baskets, and expense allocation. We’ll also look at the transition to the new foreign tax credit regime and issues you may need to focus on.
At the conclusion of this session, participants will be able to:
- Discuss the changes to the foreign tax credit as a result of the Tax Cuts and Jobs Act (TCJA).
- Understand the new baskets for GILTI income and foreign branch income.
- Discuss expense apportionment changes.
- Transition to the new foreign tax credit regime.
Presenters:
- Lisa Roelofs, international tax senior manager
- Layna Buthker, international tax manager
- Robert Piwonski, international tax manager
