May 10, 2023
EY Podcast: monthly ITS Washington Dispatch (April 2023)
EY’s monthly Washington Dispatch podcast summarizes recent developments in US international taxation. Highlights of this month's edition include:
US House Republicans pass debt ceiling, spending bill; impasse continues
IRS provides transition period for documentation requirements for FTC ‘single country exception’
IRS updates crypto notice, virtual currency remains unavailable to generate FX gain or loss
IRS addresses micro-captive transactions as listed transactions
IRS releases general plan for spending $80 million over next 10 years
IRS interim guidance on APA submissions fundamentally changes early stages of process
US Tax Court rules IRS cannot assess penalties under Section 6038(b) for willfully failing to report foreign income
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