Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

January 14, 2022

Report on recent US international tax developments 14 January 2022

There was no substantive action on President Joe Biden’s proposed Build Back Better legislation this week as Congressional Democrats pivoted to other legislative priorities, primarily voting rights and the filibuster. The main question regarding the future of the Build Back Better Act (BBBA) has been whether President Biden and Democratic leaders in Congress could accept Senator Joe Manchin’s pre-holiday offer to the White House for 10-year funding on climate, health, and universal pre-kindergarten, but not extension of the now-expired expanded Child Tax Credit. The press is now reporting that Senator Manchin no longer supports his US$1.8 trillion BBBA counterproposal that he made to President Biden in December. Senator Manchin also is said to have signaled that he no longer would favor any legislation resembling President Biden’s expansive Build Back Better plan, although the Senator indicated there are individual proposals that he would support.

White House Press Secretary Jen Psaki said on 10 January, “… conversations are continuing behind the scenes at a staff level. And I can assure you that… that the President is going to continue to press to get Build Back Better done … .”

A Treasury official this week said that the Government is developing interim guidance on cryptocurrency reporting, but provisions included in the recently enacted infrastructure bill have required officials to make revisions to drafts. The official was quoted as saying that regulations covering reporting requirements under Internal Revenue Code Section 6045 are a priority, but declined to provide a timeline for the regulations.

An Internal Revenue Service (IRS) official this week also was quoted as saying that the IRS Office of Fraud Enforcement (OFE) is working with the IRS Criminal Investigation division to ensure that agents have the necessary technology and training to find and follow cryptocurrency transactions. According to the official, the Government will analyze available information by focusing on cryptocurrency transactions and taxpayers’ financial and tax filings.


For additional information with respect to this Alert, please contact the following:

Ernst & Young LLP (United States), International Tax and Transaction Services, Washington, DC


The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more