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June 9, 2021
2021-1147

Washington Dispatch for May 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:

Legislation

  • Treasury Green Book offers new details on international tax proposals
  • Senate hearing discusses Biden Administration’s international tax proposals
  • House bill would require SEC regulations on CbC financial information disclosure, including taxes

IRS news

  • President Biden proposes increased IRS budget to improve tax compliance
  • IRS modifies guidance on accounting method changes for certain foreign corporations
  • IRS official comments on treaty derivative benefits post-Brexit
  • Government releases early drafts of 2021 Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865

Transfer pricing

  • PR Treasury issues guidance for complying with the requirement to submit a transfer pricing study

OECD developments

  • OECD reviewing options to roll back unilateral digital taxes
  • Parties to OECD MLI release interpretative opinion

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Washington Dispatch for May 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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