January 9, 2024 2024-0148 Washington Dispatch for December 2023 The latest edition of EY'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: Treasury and IRS news - IRS interim CAMT guidance provides relief from possible double-counting of CFC earnings in AFSI, but possible compliance burdens
- Treasury provides guidance on creditability of BEPS Pillar Two taxes, relief for pre-GloBE DCLs and extends temporary relief from FTC regs
- Interim guidance released on treatment of basis adjustments under Section 961(c) on inbound liquidation or asset reorganization
- US officials offer international regulatory update
Tax treaties - US Treasury announces entry into force of the US-Chile tax treaty
- IRS updates list of treaties
Courts - US Supreme Court hears oral arguments in Moore transition tax case
Tax accounting - FASB modifies income tax disclosure rules
In case you missed it… - US headquartered FG500 companies increase, reversing downward trend
OECD developments - OECD/G20 IF releases BEPS Pillar Two GloBE rules guidance, new Pillar One MLC timeline
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