Tax News Update    Email this document    Print this document  

January 11, 2022

Washington Dispatch for December 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:


  • Biden Administration’s Build Back Better legislation stalls in Congress; Senate Finance Committee releases updated international tax provisions

IRS news

  • Treasury releases final foreign tax credit regulations
  • IRS issues final rules on tax consequences of transition from LIBOR and other interbank offered rates in certain financial contracts
  • FinCEN again extends certain signature authority reporting (FBAR, Form 114) over foreign financial accounts

OECD news

  • OECD releases Model Rules on Pillar Two Global Minimum Tax
  • OECD releases 2020 peer review report on BEPS Action 5 on the Exchange of Information of Tax Rulings


Washington Dispatch for December 2021