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May 5, 2023

Washington Dispatch for April 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:


  • House Republicans pass debt ceiling, spending bill; impasse continues 

IRS news

  • IRS provides transition period for documentation requirements for FTC ‘single country exception’
  • IRS updates crypto notice, virtual currency remains unavailable to generate FX gain or loss 
  • IRS addresses micro-captive transactions as listed transactions
  • IRS releases general plan for spending $80 million over the next 10 years 

Transfer pricing

  • IRS interim guidance on APA submissions fundamentally changes early stages of process 


  • US Tax Court rules IRS cannot assess penalties under Section 6038(b) for willfully failing to report foreign income

OECD developments 

  • OECD releases fifth annual peer review report on BEPS Action 6 on prevention of treaty abuse 


Washington Dispatch for April 2023