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August 7, 2020
2020-2009

Washington Dispatch for July 2020

The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include:

Treasury and IRS news

  • IRS issues final and proposed interest expense limitation regulations
  • Final and proposed GILTI regulations deliver few benefits and more than a few surprises
  • Final FDII regulations retain proposed regulations’ structure, but reduce documentation burden, defer effective date and make important substantive changes to computation of Section 250 deduction
  • IRS releases new draft partnership Schedules K-2 and K-3 for international tax reporting

OECD news

  • G20 Finance Ministers and Central Bank Governors’ meeting communiqué reiterates commitment to address digitalization tax challenges
  • OECD releases new corporate tax statistics including anonymized and aggregated Country-by-Country report statistics
  • OECD releases model rules for data reporting by platform operators for sellers in the sharing economy

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Washington Dispatch for July 2020

 

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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