The U.S. Treasury Department has published a list of boycott countries, which will result in certain tax benefits being denied to people that participate in or cooperate with an unsanctioned international boycott. The list, issued this month, names countries that may require participation in, or cooperation with, an international boycott. The countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen. Such taxpayers may suffer reduced foreign tax credits and have “subpart F” income in relation to taxes and income attributable to the country, the government of which, sponsors or supports an international boycott. Call or visit our website for more information! www.mjscpa.com/
