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

———————————————
ATTACHMENT

Washington Dispatch for July 2020