08 January 2021

EY Podcast: monthly ITS Washington Dispatch (December2020)

EY’s monthly Washington Dispatch podcast summarizes recent developments in US international taxation. Highlights of this month's edition include:

  • US Congress passes coronavirus stimulus and omnibus spending package, including extension of CFC look-through
  • IRS issues final and proposed PFIC regulations
  • Treasury to focus on other international projects, tax treaties as TCJA guidance nears completion
  • Treasury’s FinCEN further extends certain FBAR signature authority reporting over foreign financial accounts
  • IRS will continue ICAP joint risk assessment initiative
  • US transfer pricing enforcement remains priority while TCJA provisions may negate adjustments
  • IRS APMA seeing more queries on transfer pricing consequences of coronavirus pandemic
  • BEPS 2.0 Pillar One and Two comment period closes; public consultation set for 14-15 January 2021
  • OECD issues guidance on transfer pricing implications of COVID-19, hard-to-value intangibles
  • OECD releases fourth peer review report on BEPS Action 5 on Exchange of Information of Tax Rulings
  • OECD’s FTA hosts virtual meeting of tax administration leaders

Register for this monthly podcast on iTunes here.

Document ID: 2021-5023