The U.S. IRS and Treasury have issued corrections to the regulations, Guidance Related to the Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income (TD 9959). The corrections are made through two separate documents, including correction document 2022-15867 and correction document 2022-15868. Both documents include corrections to fix typographical errors and further clarify the regulations, while correction document 2022-15867 also contains more material revisions. This includes revisions in relation to the disallowance of foreign tax credits or deductions, the allocation and apportionment of foreign income taxes, the application of the regulations to income, war profits, or excess profits tax paid or accrued, the separate application of section 904 with respect to certain categories of income, and foreign income taxes deemed paid under sections 960(a) and (d).

The corrections are effective on 27 July 2022, although it provided that the corrections provided in document 2022-15867 are applicable on or after 4 January 2022 (the date the original regulations were published).