10 January 2018 Washington Dispatch for December 2017 The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include: — US enacts comprehensive tax reform; revamps international tax rules
— Tax accounting among top issues following enactment of US tax reform — IRS issues guidance on transition tax on foreign earnings
— IRS proposed regulations may alleviate foreign currency tax asymmetries for CFCs, provide new mark-to-market election for certain FX transactions
— IRS suspends withholding obligations under TCJA's new Section 1446(f)
— IRS issues proposed regulations on international rules under BBA partnership audit regime — OECD releases second batch of peer review report on BEPS Action 14
— OECD releases first annual peer review report on BEPS Action 5
— OECD invites taxpayer input on fourth batch of peer reviews of BEPS Action ———————————————
ATTACHMENT Washington Dispatch for December 2017 Document ID: 2018-0048 | 
