Individuals Can Get Foreign Tax Deduction, Treasury Says - McDermott Will & Emery

Individuals Can Get Foreign Tax Deduction, Treasury Says

Overview


Steven Hadjilogiou commented on the IRS and Treasury Department’s regulation to allow individuals with businesses abroad to be eligible to receive a deduction on their intangible income worth up to 50 percent. “There was a lot of confusion, and people were waiting a very long time to get this answer,” he said. “If you’re going to treat an individual as if they’re C corps, you should give them the same benefits that a C corp should have.”