Foreign Tax Credit Limitations Under Section 904: IRS Regulations and Guidance for Tax Counsel

Allocations, Apportionment, Limitations Under Section 904(b)(4), Impact of GILTI, Carryover and Carryback Rules, Section 960

A live 90-minute premium CLE/CPE video webinar with interactive Q&A


Tuesday, September 21, 2021

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, August 27, 2021

or call 1-800-926-7926

This CLE/CPE webinar will provide tax counsel with a critical analysis of IRS foreign tax credit (FTC) limitations under Section 904. The panel will discuss key provisions of the regulations, additional "buckets" of foreign income grouping, allocation and apportionment rules, limitations under Section 904(b)(4), carryover and carryback rules under Section 904(c), and transition tax implications.

Description

The IRS issued a set of regulations on FTCs outlining the impact of the 2017 tax reform law. The regulations address changes to the FTC rules in determining available credits and the application of GILTI in calculating FTCs. Tax counsel must be aware of the implications to taxpayers.

The most significant changes in the 2017 tax reform law related to the FTC provisions of the Code were modifications to the deemed paid foreign tax provisions under Section 960 and additional income categories and limitation provisions under Section 904. In addition, a discussion on the apportionment of interest expenses, which modifies existing Section 861 principles, was also addressed.

Tax counsel must recognize the urgency of grasping key concepts and applicability of the FTC rules in light of the regulations and implement tax planning techniques to benefit taxpayers.

Listen as our experienced panel provides a critical analysis of the practical implications of the FTC rules and key tax planning and best practices for taxpayers and tax counsel.

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Outline

  1. Foreign tax credit rules
  2. Determining and calculating FTC
  3. Section 904 limitations
  4. Income categories/buckets
  5. Carryover/carryback rules
  6. Rules for deemed taxes paid under Section 960

Benefits

The panel will discuss these and other key issues:

  • Changes to FTC rules under the 2017 tax reform law
  • Application of Section 904 limitations and income categories to the current tax year
  • Treatment of GILTI under the FTC regulations in determining exemption of interest and expenses
  • Deemed paid foreign taxes under Section 960
  • FTC carryovers and carrybacks

Faculty

Diosdi, Anthony
Anthony V. Diosdi

Partner
Diosdi Ching & Liu

Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax...  |  Read More

Masciangelo, Michael
Michael Masciangelo

Senior Client Executive
BDO USA

Mr. Masciangelo is responsible for international tax strategy development, including working with the firm’s U.S....  |  Read More

Attend on September 21

Early Discount (through 08/27/21)

See NASBA details.

Cannot Attend September 21?

Early Discount (through 08/27/21)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include program handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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