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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:

Legislation

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

    IRS news

    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

    Transfer pricing

    PR Treasury issues guidance for complying with the requirement to submit a transfer pricing study

    OECD developments

    OECD reviewing options to roll back unilateral digital taxes

  • Parties to OECD MLI release interpretative opinion

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    ATTACHMENT

    Washington Dispatch for May 2021

    Document ID: 2021-5643

     
     

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