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February 5, 2021
2021-0271

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

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Washington Dispatch for January 2021

 

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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