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Latest revision as of 10:31, 14 May 2026


A credit is allowed for foreign income taxes paid or accrued. The loan is limited compared to that part of U.S. tax due to foreign source income. It is far from refundable, but any excess credit could be carried to other years to reduce tax.

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Late Returns - If you filed your tax returns late, is it possible to still deal with the tax arrears? Yes, but only after two years have passed since you filed the return the actual IRS. This requirement often is where people found problems when trying to discharge their bill.

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