08 June 2021 Washington Dispatch for May 2021 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: Treasury Green Book offers new details on international tax proposals Senate hearing discusses Biden Administration’s international tax proposals House bill would require SEC regulations on CbC financial information disclosure, including taxes President Biden proposes increased IRS budget to improve tax compliance IRS modifies guidance on accounting method changes for certain foreign corporations IRS official comments on treaty derivative benefits post-Brexit Government releases early drafts of 2021 Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865 PR Treasury issues guidance for complying with the requirement to submit a transfer pricing study OECD reviewing options to roll back unilateral digital taxes Parties to OECD MLI release interpretative opinion ——————————————— ATTACHMENT Washington Dispatch for May 2021 Document ID: 2021-5643 |