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September 7, 2023
2023-1487

Washington Dispatch for August 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:

Legislation

  • US Congress to take up appropriations bills, consider US-Taiwan tax relationship

IRS news

  • IRS proposes updating regulations on consolidated returns, discarding unnecessary guidance
  • IRS issues proposed regs on broker reporting requirements for digital asset sales and exchanges
  • Cryptocurrency stakers must include rewards in gross income upon gaining control

Tax treaties

  • Russia suspends US-Russia, other tax treaties

OECD developments

  • Progress reported on BEPS Amount A, Pillar One, further work on Pillar Two safe harbors
  • Global minimum tax filing simplification possible, OECD official says

United Nations

  • UN releases final report on international tax cooperation

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Washington Dispatch for August 2023