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August 7, 2020

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


Washington Dispatch for July 2020