New OFAC, BIS Cuba Regulations Open Trade Doors for US Businesses

Author: Julio A. Fernandez
Date: March 14, 2016

After the announcement by President Obama in December 2014 of the dramatic change in US policy toward Cuba, the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Commerce Department’s Bureau of Industry and Security (BIS) followed quickly with several new regulations and changes to existing rules concerning transactions with the island nation.[1] (more…)

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…)