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IRS Requests Comments on Form 1118 Revisions
July 5, 2007
(SmartPros)
The Internal Revenue Service is requesting comments from the public on proposed revisions to Form 1118, Foreign Tax Credit Corporations, made in light of recent statutory changes in the American Jobs Creation Act of 2004.
Form 118 is used by U.S. corporate taxpayers to compute the foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions.
Announcement 2007-62 details the proposed changes and invites public comment on proposed revisions of Form 1118. The proposed revisions have been posted on the IRS Web site at http://www.irs.gov/taxpros/lists/0,,id=97782,00.html.
2007 SmartPros Ltd. All rights reserved.
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