Proposed Regulations on Foreign Tax Credits.

• Position: IRS news

The IRS issued proposed regulations on foreign tax credits for businesses and individuals.

The 2017 Tax Cuts and Jobs Act made major changes to the way the U.S. taxes foreign activities. Significant new provisions include a dividends-received deduction for dividends from foreign subsidiaries and the addition of Global Intangible Low-Taxed Income rules, which subject to current U.S. taxation certain foreign earnings that would have been deferred under previous law.

The TCJA also...