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June 9, 2021

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:


  • 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


Washington Dispatch for May 2021