A bipartisan crew of House members is urging the Treasury Department to give businesses a further break on new Foreign Tax Credit regulations.
Treasury announced back in July that they were giving taxpayers a two-year reprieve from those rules, which were finalized at the beginning of last year, until the end of December.
But the eight House members, all of them either current or former Ways and Means members, noted that the IRS has suggested that it’s looking at extending that relief — and is prodding the Biden administration to announce that it’s offering at least another year of the reprieve with no further hesitation, and to make other timing tweaks for businesses as well.
