June 6, 2024 2024-1151 Washington Dispatch for May 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 - House Republicans prepare for TCJA ‘cliffs’
- White House official previews President Biden’s tax policy if he wins second term
- US House Ways and Means Chairman, Treasury Secretary spar over TCJA, BEPS 2.0
- US will not sign BEPS Pillar One MLC without India, China TP resolution
IRS news - IRS provides further transitional relief under IRC Section 871(m) for treatment of dividend equivalents
- IRS to defer applicability date of some provisions in IRC Sections 59A and 6038A regs for qualified derivative payments
- New updated procedures for IRC Section 355 transaction PLRs released
- CAMT regs in advanced stage, Treasury official says
- Final crypto reporting rules coming in 2024
- IRS proposed regulations would expand guidance on foreign trusts and large foreign gifts
OECD developments - More OECD BEPS 2.0 GloBE guidance coming
- BEPS Pillar One MLC on track for signature in June, official says
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