A credit is allowed for foreign income taxes paid or accrued. The money is limited certain part of You.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax. There are 5 rules put forward by the bankruptcy html code. If the tax debt of the bankruptcy filed person satisfies these 5 rules then only his petition will approved. The first rule is regarding the due date for tax return filing. This date should be at least seve...

A credit is allowed for foreign income taxes paid or accrued. The money is limited certain part of You.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax. There are 5 rules put forward by the bankruptcy html code. If the tax debt of the bankruptcy filed person satisfies these 5 rules then only his petition will approved. The first rule is regarding the due date for tax return filing. This date should be at least seve...