The U.S. IRS has announced the issuance of final regulations and proposed regulations on the Foreign Tax Credit. --- IR-2019-193, December 2, 2019 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) today on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments. The Tax Cuts and Jobs Act (TCJA) made major changes to the tax law, including revamping the U.S. international tax system. Specifically, several Foreign Tax Credit provisions were changed, including repeal of section 902, which allowed deemed-paid credits...