Is IRS Notice 2024-55 About to Shake Up Your Retirement Finances?
The Internal Revenue Service (IRS) recently unveiled Notice 2024-55, which could significantly impact your retirement finances. This Notice provides temporary relief to taxpayers, helping them determine the credibility of a foreign tax under sections 901 and 903. The Notice applies for tax years from December 28, 2021, to December 31, 2024. The Game-Changer: Changes to Foreign Tax Credit Regulations The Treasury Department introduced proposed regulations on November 12, 2020, significantly altering the existing rules under …