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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ATTACHMENT

Washington Dispatch for May 2021