Tax News Update    Email this document    Print this document  

August 11, 2024
2024-1524

Washington Dispatch for July 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

  • US Congress begins August recess

Courts

  • US Supreme Court overrules Chevron deference to agency regulations
  • US appellate court rules nonresident's gain from sale of its US partnership interest attributable to inventory is not US source income

IRS news

  • Final Section 367(b) regulations address certain cross-border triangular reorgs and inbound non-recognition transactions
  • IRS officials offer update on CAMT, PTEP guidance

Transfer pricing

  • IRS and Medtronic file appellate briefs in Eighth Circuit appeal arguing for different transfer pricing methods
  • IRS representative says corporations that failed to respond to transfer pricing compliance letters have been referred for possible examination

OECD developments

  • G20 Finance Ministers, Central Bank Governors reiterate support for BEPS 2.0
  • Inclusive Framework on BEPS finalizing MLC to implement Pillar One Amount A, Amount B consensus near
  • OECD releases sixth edition of Corporate Tax Statistics publication
* * * * * * * * * *
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