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January 11, 2022
2022-0057

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:

Legislation

  • 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

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Washington Dispatch for December 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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