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June 3, 2020
2020-5822

Washington Dispatch for May 2020

The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young LLP'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

  • Congress considers further action to address coronavirus pandemic 

IRS news

  • IRS finalizes proposed Section 385 regulations with no substantive changes, leaves distribution rules in effect for now
  • Treasury and IRS announce references to NAFTA in US tax treaties should be interpreted as references to the USMCA
  • IRS offers limited relief for filing Forms 8858 or 8865

Transfer pricing news

  • IRS announces modifications for filing APA and MAP requests, addresses pending and executed APAs 

OECD news

  • New refocusing on BEPS, OECD official says 
  • OECD holds public consultation on 2020 review of CbCR 
  • OECD hosts webcast offering update on tax work during COVID-19 crisis; July IF meeting delayed to October 2020

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ATTACHMENT

Washington Dispatch for May 2020

 
 

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