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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

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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