Tax News Update    Email this document    Print this document  

September 1, 2022

Washington Dispatch for August 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:


  • President Biden signs Inflation Reduction Act with 15% corporate minimum tax
  • Congress passes $280 billion Chips and Science Act

IRS news

  • Applicability date for foreign currency regulations under Section 987 extended again
  • IRS announces delay in effective date of Section 871(m) regulations

Transfer pricing news

  • Tax Court increases Medtronic royalty rate under unspecified TP method
  • Increased IRS funding from Inflation Reduction Act may increase scrutiny of transfer pricing cases

OECD developments

  • OECD releases 2022 update on peer review of preferential tax regimes and no or only nominal tax jurisdictions


Washington Dispatch for August 2022