February 8, 2023 2023-0243 Washington Dispatch for January 2023 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: US Congress - Kevin McCarthy new House Speaker, Rep. Smith chairs Ways and Means Committee
- JCT will release ‘Blue Book’ by end of June
Treasury and IRS news - Final regulations issued for qualified foreign pension funds contain some favorable clarifications
- IRS proposed regulations would make major changes to domestically controlled QIE rules under Section 897, and certain controlled commercial entity rules under Section 892
- IRS addresses deductions involving cryptocurrency in two CCA memos
- Acting IRS Commissioner affirms continued participation in ICAP
Transfer pricing - IRS examiners must consult IRS Counsel before applying economic substance doctrine in transfer pricing audits
——————————————— ATTACHMENT Washington Dispatch for January 2023 
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