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
——————————————— ATTACHMENT Washington Dispatch for May 2021
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