Tax News Update    Email this document    Print this document  

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
* * * * * * * * * *
Attachments

Washington Dispatch for US distribution


Global Washington Dispatch for global distribution

 

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.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement