September 1, 2022
EY Podcast: monthly ITS Washington Dispatch (August 2022)
EY’s monthly Washington Dispatch podcast summarizes recent developments in US international taxation. Highlights of this month's edition include:
President Biden signs Inflation Reduction Act with 15% corporate minimum tax
Inflation Reduction Act includes 1% stock buyback excise tax
Congress passes $280 billion Chips and Science Act
Applicability date for FX regs under Section 987 extended again
IRS announces delay in effective date of Section 871(m) regulations
IRS Notice 2022-36 penalty relief applies to certain international tax information returns
US Tax Court increases Medtronic royalty rate under unspecified TP method
Increased IRS funding from Inflation Reduction Act may increase transfer pricing scrutiny
OECD releases 2022 update on peer review of preferential tax regimes and no or only nominal tax jurisdictions
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