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:

Legislation

— House approves ‘tax reform 2.0’ bills; no Senate action before mid-term elections

IRS news

— US government issues proposed GILTI regulations to implement international tax reform changes
— Treasury and IRS propose removing Section 385 documentation requirements
— IRS releases draft Form 8991, Tax on Base Erosion Payments of Taxpayers with Substantial Gross Receipts
— IRS grants relief to RICs from Section 4982 excise tax for Section 965 inclusions
— IRS to delay Section 871(m) regulations effective / applicability date two years
— IRS issues guidance for REITs on treatment of certain income inclusions from foreign corporations
— IRS announces new international compliance campaigns

OECD news

— OECD releases additional guidance on country-by-country reporting and updated exchange relationships

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Washington Dispatch for September 2018