April 5, 2024 2024-0747 Washington Dispatch for March 2024 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: Legislation - President Biden offers new tax proposals in State of the Union; releases FY2025 Budget with international tax proposals, mainly stemming from prior budgets
- Congress passes final FY2024 funding bills, tax bill in limbo
- Treasury Secretary defends Administration's BEPS position at Senate Finance Committee budget hearing
- House Ways & Means Subpanel holds OECD BEPS Pillar One hearing
Treasury and IRS news - IRS delays Form 1042 electronic filing requirement for US and foreign withholding agents
- Government officials offer international regulatory update
- IRS will no longer issue single-issue PLRs, instead focus on 'transactional rulings'
Transfer pricing news - IRS official discusses benefits of mandatory arbitration on MAP
OECD developments - OECD releases update on BEPS 2.0 project
- OECD Council approves update to Model commentary on exchange of information
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