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April 8, 2021
2021-0720

Washington Dispatch for March 2021

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

Legislation

  • President Biden lays out $2 trillion infrastructure plan to be paid for with tax increases

  • Senate Finance Committee holds international tax hearing 

  • Congressional Democrats introduce international tax legislation

  • President Biden signs $1.9 trillion American Rescue Plan Act of 2021

Treasury and IRS news

  • IRS says assumption of reinsurance agreement does not result in base erosion payments

  • IRS opens initiative on virtual currency

Transfer pricing news

  • IRS APMA program director discusses taxpayers’ treatment of COVID-related costs

  • IRS APMA Program releases annual APA update

OECD developments 

  • OECD official floats BEPS 2.0 Pillar Two simplification 

  • OECD publishes jurisdictions currently participating in the International Compliance Assurance Programme

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Washington Dispatch for March 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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