In 2015, the United States and Cuba took steps to restore diplomatic relations following decades of isolationism. In response, the Internal Revenue Service issued a ruling in March that removes certain restrictions on income U.S. taxpayers earn in Cuba.
Effective immediately, Cuba has been removed from the sanctioned countries list of section 901(j) of the Tax Code. U.S. taxpayers who earn income in Cuba may now claim a foreign tax credit for income taxes paid to the island country. The credit may be applied retroactively for Cuban income taxes incurred on or after Dec. 21, 2015.
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