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05 April 2024

Washington Dispatch for March 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

  • 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
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Attachments

Washington Dispatch for US distribution

Global Washington Dispatch for global distribution

Document ID: 2024-0747

 
 

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