The comprehensive federal tax reform legislation enacted in late 2017 (the Act) and subsequently issued guidance significantly affect the ability of taxpayers to claim foreign tax credits (FTCs). The ability to claim FTCs is closely tied to how certain expenses — including selling, general, and administrative (SG&A) and stewardship — are allocated and apportioned among different categories of income. Similar rules may also affect foreign-derived intangible income (FDII) benefits. PwC on July 24 hosted a webcast featuring specialists who discussed these issues. This Insight highlights those discussions.
The next Tax Readiness webcast — Accounting methods (and beyond): tax planning and compliance under tax reform — is scheduled for August 6, 2019, from 2:00 PM - 3:00 PM (EDT).