May 23, 2022
EY Podcast: weekly US international cross-border taxation news for week ending 20 May 2022
EY’s Spotlight podcast is a review of the week's major US international tax-related developments. Highlights of this week’s edition include:
US House leaders hope to pass “China competitiveness” bill before 4 July recess
Senate introduces bill to disallow foreign tax credits (FTCs) for taxes paid to Russia or Belarus
Treasury, IRS considering changes to FTC regulations
IRS proposed Section 1256 regulations on FX contracts set for release in coming weeks, Section 987 rules to follow
IRS issues GLAM on allocation and apportionment of deferred compensation expense for FDII deductions, reverses prior guidance
Treasury, OECD officials offer BEPS 2.0 insights
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