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05 October 2023

Washington Dispatch for September 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

  • Senate Finance Committee approves US-Taiwan tax bill
  • House Republicans want countries to delay BEPS Pillar Two, adopt GILTI-like regime

IRS news

  • IRS publishes additional interim guidance clarifying CAMT
  • IRS announces intent to issue proposed regulations for Section 174, would affect cost sharing arrangements
  • US Government considering extension of temporary FTC relief, guidance on taxes paid under BEPS Pillar Two
  • IRS official offers international regulatory update
  • 2024 CAP program accepting new applications
  • IRS announces major new compliance initiative targeting large partnerships

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ATTACHMENT

Washington Dispatch for September 2023

Document ID: 2023-1656

 

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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