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09 July 2018

Washington Dispatch for June 2018

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:

IRS news

— IRS updates Section 965 transition tax FAQs to include late-payment penalty, filing relief
— IRS announces additional delay of Section 987 foreign currency regulations
— Delay of Section 987 FX regulations has immediate significance for taxpayers, including CFCs
— US officials offer TCJA international regulatory update
— IRS finalizing 2016 proposed FATCA regulations; portal for certifications this summer

Courts

— US Supreme Court overturns physical presence nexus standard; major implications for sales to the United States

OECD news

— OECD issues guidance on hard-to-value intangibles, transactional profit split method
— OECD not in competition with EU on digital taxation, official says

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ATTACHMENT

Washington Dispatch for June 2018

Document ID: 2018-1354

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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