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February 5, 2021

Washington Dispatch for January 2021

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

  • US Treasury Secretary says no new taxes for now, commits to OECD BEPS discussions
  • New final regulations address application of Section 163(j) limitation to CFCs and partnerships, while reserving on certain provisions
  • IRS allows remote signing and submission of authorization Forms 2848 and 8821
  • IRS official says guidance on worldwide interest expense allocation is a top priority, proposed FTC regs in 2021

OECD Developments

  • OECD Inclusive Framework political leaders promote global consensus following OECD’s public consultation on Pillar One and Two Blueprints
  • OECD Secretariat issues updated guidance on tax treaties and impact of COVID-19 pandemic


Washington Dispatch for January 2021