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June 7, 2022

Washington Dispatch for May 2022

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:


  • Budget reconciliation remains stalled, but with some behind-the-scenes talks

IRS news

  • More US FTC guidance coming
  • US government officials offer update on future international projects
  • IRS GLAM addresses allocating and apportioning 'deferred compensation expense' for FDII deductions
  • Changes to QI withholding agreement rules expand QI withholding and reporting responsibilities

OECD developments

  • OECD officials offer BEPS 2.0 update
  • OECD releases public consultation document on Regulated Financial Services Exclusion under Amount A for Pillar One


Washington Dispatch for May 2022