jimbocpa
Level 2

The computation of the foreign tax credit on Form 1116 for 2017 was changed in a release.  Part III, Line 19 was originally rounded to 4 places, and now it is being rounded to 9.  The difference is not immaterial, and we have found that 2018 returns (even if they were locked prior to proforma), the carryover of any foreign tax credit is no longer matching to the tax returns that were filed.  A huge amount of work will now have to take place to get the carryforward to match what was filed with the IRS.


0 Cheers