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
——————————————— ATTACHMENT Washington Dispatch for December 2021 
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