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May 10, 2022
2022-0743

Washington Dispatch for April 2022

The latest edition of EY'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

  • Congress returns amid speculation over limited budget reconciliation
  • Senate proposal would disallow foreign tax credits, other US tax benefits connected with operations in Russia or Belarus

IRS news

  • IRS issues annual APA report for 2021
  • New Schedules K-2 and K-3 FAQs released

OECD developments

  • OECD holds public consultation meeting on Implementation Framework for Pillar Two GloBE Rules
  • OECD releases public consultation document on draft rules regarding scope under Amount A for BEPS Pillar One
  • OECD releases public consultation document on Extractives Exclusion under Amount A for Pillar One
  • OECD releases ninth batch of Stage 2 peer review reports on dispute resolution
  • OECD releases fourth annual peer review report on BEPS Action 6 relating to prevention of treaty abuse

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