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