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