IRS Eases Tax Restrictions On Income Earned In Cuba

Law360, New York (March 1, 2016, 5:21 PM EST) -- The Internal Revenue Service in guidance released Tuesday removed restrictions on claiming credits for taxes on income earned in Cuba, removing a limitation that had been in place since 1987.

The IRS said in the revenue ruling that the restrictions are removed as of Dec. 21, 2015. The move is in line with President Barack Obama's vow to begin normalizing diplomatic relations with Cuba and lift restrictions on interstate money exchange, travel, trade, telecommunications and third-country financial transactions with the country.

The U.S. Department of the Treasury maintains a list of countries in Revenue Ruling 2005-3 for which U.S. taxpayers cannot...

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