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Information about Form 1118, Foreign Tax Credit - Corporations, including recent updates, related forms and instructions on how to file. Corporations use this form to compute their foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions.

Form 8819 is used to elect the U.S. dollar as the functional currency of an eligible qualified business unit (QBU), as defined in Regulations Section 1.985-2(b)(1). This form is filed by or on behalf of a noncontrolled section 902 corporation (defined in section 904(d)(2)(E)) to elect the U.S. dollar as its (or its qualified business unit (QBU) branch’s) functional currency.

As already indicated, you can claim a foreign tax credit only for foreign taxes on income, war profits, or excess profits, or taxes in lieu of those taxes.

Publication 597 discusses a number of treaty provisions that often apply to U.S. citizens or residents who may be liable for Canadian tax. This publication provides information on the income tax treaty between the United States and Canada. It discusses a number of treaty provisions that often apply to U.S. citizens or residents who may be liable for Canadian tax.

REVIEW STEPS FOR EVALUATING RESEARCH CREDIT COMPUTATIONAL ISSUES

Find resources to help you on topics too complex for telephone assistors to help you with.

You may be able to claim a foreign tax credit for foreign taxes paid to a foreign country or for a U.S. possession. Learn more.

Foreign Sourced Qualified Dividends and Gains; Interest Expense Apportioned; Charitable Contributions

LMSB Directive on the Examination of Legally Mandated Research and Experimentation Expenses in the Biotech and Pharmaceutical Industries (RFPH)

Tax Year 2023 frequently asked questions about e-file for Large Business and International (LB&I).