IRS thaws tax treatment of Cuba, allows ‘credit’ on Cuban taxes paid, but embargo limits benefits

Author: Karen J. Lapekas
Date: March 11, 2016

The thawing of relations between the United States and Cuba is also having consequences on the taxes and tax credits of United States taxpayers. Earlier this month, the US Internal Revenue Service ruled that United States taxpayers are no longer prohibited from taking a “foreign tax credit” for income taxes paid or accrued to the Republic of Cuba. (more…)