Ernst & Young ITTS Washington Dispatch: Recent Episodes
Ernst & Young
A monthly review of US international tax-related developments. In this edition:
US Congress begins August recess – US Supreme Court overrules Chevron deference to agency regulations – US appellate court rules NR’s gain from sale of its US partnership interest attributable to inventory is not US source income – IRS final Section 367(b) regs address certain cross-border triangular reorgs, inbound nonrecognition transactions – IRS officials offer update on CAMT, PTEP guidance – IRS and Medtronic file Eighth Circuit appellate briefs arguing for different transfer pricing methods – IRS official says corporations failing to respond to TP compliance letters referred for possible examination – G20 Finance Ministers, Central Bank Governors reiterate support for BEPS 2.0 – Inclusive Framework on BEPS finalizing MLC to implement Pillar One Amount A, Amount B consensus near – OECD releases sixth edition of Corporate Tax Statistics publication, Draft User Guide for GloBE Info Return XML Schema.
A monthly review of US international tax-related developments. In this edition:
US House Republicans eye budget reconciliation legislation in 2025 – US Supreme Court upholds Section 965 mandatory repatriation tax – IRS finalizes regs on reporting / payment of stock repurchase excise tax – IRS releases final digital asset broker reporting regulations, transition relief for certain brokers – IRS addresses certain related-party partnership basis-transactions – IRS extends penalty relief for failure to pay estimated CAMT to installment due August 2024 – US officials comment on pending CAMT guidance – IRS clarifies changes to 2023 QI agreement in new FAQs – US suspends key provisions of US-Russia tax treaty and protocol – OECD/G20 IF releases documents on Pillar One Amount B and Pillar Two – OECD updates FAQs for MNEs participating in ICAP risk assessments.
A monthly review of US international tax-related developments. In this edition:
US House Republicans prepare for TCJA ‘cliffs’ – White House official previews President Biden’s tax policy for second term – US House Ways and Means Chairman, Treasury Secretary spar over TCJA, BEPS 2.0 – US will not sign BEPS Pillar One MLC without India, China TP resolution – IRS extends transitional relief under Section 871(m) for treatment of dividend equivalents – IRS to defer applicability date re: Sections 59A and 6038A regs for qualified derivative payments – New procedures for Section 355 transaction PLRs released – CAMT regs in advanced stage – Final crypto reporting rules coming in 2024 – IRS proposed regulations on foreign trusts and large foreign gifts released – More OECD BEPS 2.0 GloBE guidance coming – BEPS Pillar One MLC on track for signature in June.
A monthly review of US international tax-related developments. In this edition:
US tax policy battle lines being drawn; House Republican tax writers form 10 TCJA ‘tax teams’ – US progress on global minimum tax will positively affect ongoing R&D talks, JCT updating BEPS Pillar Two analysis – IRS releases proposed rules on stock repurchase excise tax – IRS waives penalty for CAMT estimated tax – IRS final regulations on FIRPTA controlled QIE rules released – IRS releases draft Form 1099-DA on digital asset proceeds – US says draft Australian ruling on cross-border computer software sales contrary to US-Australia DTT, OECD Model Treaty – IRS releases APA report for 2023 – OECD BEPS 2.0 status update – OECD releases consolidated GloBE commentary document, revised GloBE examples.
A monthly review of US international tax-related developments. In this edition:
President Biden delivers State of the Union; releases FY2025 Budget with international tax proposals – Congress passes final FY2024 funding bills, tax bill in limbo – Treasury Secretary defends Administration’s BEPS position at Senate hearing – House Ways & Means Subpanel holds OECD BEPS Pillar One hearing – IRS delays Form 1042 electronic filing requirement for US and foreign W/H agents – US officials offer international regulatory update – IRS will no longer issue single-issue PLRs, instead focus on ‘transactional rulings’ – IRS official discusses benefits of MAP mandatory arbitration – OECD releases update on BEPS 2.0 project – OECD Council approves update to Model commentary on exchange of information.
A monthly review of US international tax-related developments. In this edition:
OECD releases final guidance on BEPS Pillar One Amount B on baseline distribution – Finalization of proposed FX regulations expected by year end, two sets of proposed Section 367 regs in first half of 2024 – US Senate approves IRS Chief Counsel nomination – IRS sending more letters regarding transfer pricing compliance – OECD releases 2024 update on peer reviews under BEPS Action 5 on harmful tax practices.
A monthly review of US international tax-related developments. In this edition:
US House passes tax package, Senate action uncertain – Congress approves CR to fund government until early March 2024 – IRS signals new Section 367(d) guidance in 2024 on repatriation of IP – US officials provide regulatory update – IRS announces cryptocurrency transactions do not need to be reported until regulations issued – User fee for APAs increase, effective 2 February 2024 – US official offers BEPS Pillar One insights – OECD releases updated estimates of the economic impact of BEPS Pillar Two.
A monthly review of US international tax-related developments. In this edition:
IRS interim CAMT guidance provides relief from possible double-counting of CFC earnings in AFSI – IRS hasj CAMT compliance initiative – Treasury provides guidance on creditability of BEPS Pillar Two taxes, relief for pre-GloBE DCLs and extends temporary FTC reg relief – IRS Interim guidance released on treatment of basis adjustments under Section 961(c) on inbound liquidations or asset reorganizations – US officials offer international regulatory update – US Treasury announces entry into force of US-Chile tax treaty – IRS updates list of US treaties – US Supreme Court hears oral arguments in Moore transition tax case – FASB modifies income tax disclosure rules – US HQ’ed FG500 companies increase, reversing downward trend – OECD/G20 IF releases BEPS Pillar Two GloBE rules guidance, new Pillar One MLC timeline.
A monthly review of US international tax-related developments. In this edition:
US Congress approves new CR, complicates options for year-end tax bill – House Ways and Means Committee clears US-Taiwan tax bill – Tax Court rules non-US partnership was securities dealer engaged in US trade or business, liable for partnership WHT – US court denies DRD after applying economic substance doctrine – IRS issues proposed regs on QBUs, including simplified elections for determining Section 987 gain or loss but restrictions on loss recognition – OECD, country officials discuss BEPS 2.0 Pillars One and Two.
A monthly review of US international tax-related developments. In this edition:
OECD releases text of Amount A Pillar One MLC, US Treasury announces consultation – OECD/G20 IF MLC to implement Pillar Two STTR – US House elects new Speaker – US-Taiwan legislation moves forward – IRS proposed regs would amend Section 367(b) rules re cross-border triangular reorgs, inbound nonrecognition – US officials offer update on pending international guidance – IRS informing taxpayers of Schedule UTP non-compliance – IRS sending compliance alerts to US subs of foreign-owned corporations – IRS to broaden scope of corporate PLRs – US-Chile tax treaty’s US reservations reflect current policy – IRS appeals Tax Court’s latest decision in Medtronic – US, Israel sign CAA on CbC report exchange – Cyprus clarifies future CbC agreement with US.
A monthly review of US international tax-related developments. In this edition:
US Senate Finance Committee approves US-Taiwan tax bill – House Republicans want countries to delay BEPS Pillar Two, adopt GILTI-like regime – Senate Finance Committee considers IRS Chief Counsel pick – IRS publishes additional interim guidance clarifying CAMT – IRS announces intent to issue proposed regulations for Section 174, would affect cost sharing arrangements – US Government considering extension of temporary FTC relief, guidance on taxes paid under BEPS Pillar Two – IRS official offers international regulatory update – IRS CAP program accepting new applications – IRS announces major new compliance initiative targeting large partnerships.
A monthly review of US international tax-related developments. In this edition:
US Congress to take up appropriations bills, consider US-Taiwan tax relationship – IRS proposes updating consolidated returns regulations, discarding unnecessary guidance – IRS issues proposed regs on broker reporting requirements for digital asset sales and exchanges – Cryptocurrency stakers must include rewards in gross income upon gaining control – Russia suspends US-Russia, other tax treaties – Progress reported on BEPS Amount A, Pillar One, further work on Pillar Two safe harbors – Global minimum tax filing simplification possible, OECD official says – UN releases final report on international tax cooperation.
A monthly review of US international tax-related developments. In this edition:
US Congressional Republicans criticize BEPS 2.0 project – US Senate moves on US-Taiwan tax relations – Congress pivots to crypto assets, requests comments on tax uncertainties – Treasury temporarily delays controversial foreign tax credit regulations – IRS makes permanent fast-track corporate PLR program – OECD/G20 Inclusive Framework releases technical documents on BEPS 2.0 Pillars One and Two – OECD issues outcome statement on BEPS Pillars One and Two progress – OECD Secretary-General Tax Report provides international tax update – OECD releases 2023 report on tax transparency in Latin America.
A monthly review of US international tax-related developments. In this edition:
US House Ways and Means Republicans release tax package – Congressional JCT provides revenue estimates for BEPS 2.0 Pillar Two – IRS waives addition to tax for corporation’s failure to make estimated tax payments of its CAMT – IRS plans further IP guidance – US Senate approves US-Chile tax treaty, brings treaty closer to entry into force – BEPS 2.0 Project enters critical stage – OECD releases 2023 update on peer review of preferential tax regime.
A monthly review of US international tax-related developments. In this edition:
US Congress passes debt ceiling bill, averts possible default – House Ways & Means Republicans introduce tax increase on foreign companies to influence BEPS 2.0 tax deal – IRS proposed regulations would turn off Section 367(d) following certain IP repatriations – IRS addresses taxation of digital currency – US officials comment on CAMT – US negotiating tax agreements with Israel, Switzerland and Norway – US Senate Foreign Relations Committee reports out proposed US-Chile tax treaty – US House members introduce resolution calling for legislation to prevent double taxation between US and Taiwan – BEPS Pillar One to follow revised implementation plan – G7 Finance Ministers welcome OECD progress report on tax cooperation, reiterate commitment to Pillars One and Two implementation.
A monthly review of US international tax-related developments. In this edition:
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.
A monthly review of US international tax-related developments. In this edition:
President Biden releases FY’24 Budget with major international policy proposals – US Treasury official says permanent safe harbor under BEPS Pillar Two GloBE rules unlikely – OECD holds public consultation meeting on BEPS 2.0 global minimum tax compliance and tax certainty – US officials offer insights on pending international tax regulatory projects – Turkish Lira’s hyperinflationary status has US federal tax implications for MNEs – IRS announces guidance plans on certain NFTs as collectibles – IRS planning new APA process – IRS considering Section 482 regulation for parent’s implicit support in pricing intercompany loans.
A monthly review of US international tax-related developments. In this edition:
President Biden delivers State of the Union address, proposes fourfold increase in stock buyback excise tax, ‘billionaire surtax’ – House Ways and Means Committee Chairman calls BEPS Undertaxed Profits Rule ‘fundamentally flawed’ – Proposed PTEP regulations to be released in latter half of 2023 – IRS addresses deductions involving cryptocurrency in two CCA memoranda – OECD releases additional administrative guidance on BEPS 2.0 Pillar Two – OECD’s Pillar Two administrative guidance raises implications for US MNEs – OECD FTA releases manual on MAP, APAs.
A monthly review of US international tax-related developments. In this edition:
Kevin McCarthy new US House Speaker, Rep. Smith chairs Ways and Means Committee – JCT to release ‘Blue Book’ on tax legislation by end of June – IRS issues final regulations for qualified foreign pension funds – IRS releases proposed regs on domestically controlled QIE rules under Section 897, certain controlled commercial entity rules under Section 892 – IRS addresses deductions involving cryptocurrency in two CCA memos – IRS to continue participation in ICAP – IRS examiners must consult IRS counsel to apply economic substance doctrine in transfer pricing audits.
A monthly review of US international tax-related developments. In this edition:
US, Croatia sign income tax treaty – IRS issues interim guidance on CAMT – IRS releases guidance on new stock buyback excise tax – IRS issues final revised QI agreement effective 2023 – IRS releases more guidance for brokers on transfers of PTP interests – IRS issues proposed rules on single-entity treatment of consolidated groups – FinCEN continues to extend certain FBAR signature authority reporting, releases proposed beneficial ownership regs – OECD releases public consultation document on Pillar One Amount A and DSTs – OECD releases consultation document on tax certainty for Pillar Two GloBE rules – OECD releases consultation document on Pillar Two GloBE Info Return – BEPS 2.0 document issued on safe harbors and penalty relief under Pillar Two GloBE rules – OECD releases public consultation document on Amount B of Pillar One on baseline marketing and distribution functions.
A monthly review of US international tax-related developments. In this edition:
IRS proposed FTC regulations offer relief from cost recovery and source-based attribution rules, other key changes – IRS moving forward on cryptoasset issues – Section 367(d) regs coming early next year, IRS official says – No delay or transition period for final Section 1446(f) regs implementation date – Congressional Republicans urge Biden Administration to not terminate US-Hungary treaty – IRS will consider applying economic substance doctrine and related penalties more frequently in transfer pricing audits – US House Republicans seek retention of BEPS Pillar One documents and communications – OECD updates guidance on implementation of CbC Reporting.
A monthly review of US international tax-related developments. In this edition:
Proposed US FTC regs release expected soon, PTEP regs in first half of 2023 – US Treasury official says proposed crypto regs before year end – IRS may be more selective on APAs given availability of ICAP in transfer pricing disputes – IRS to reconsider APA revenue procedure guidance – Treasury developing measures for future treaties to address new tax regimes, new US-Croatia treaty before year end – G20 Finance Ministers welcome progress on BEPS 2.0, call for swift implementation – OECD releases public consultation document on administration and tax certainty aspects of Amount A of Pillar One – OECD releases report on interaction of Tax Incentives and Pillar Two – OECD/G20 Inclusive Framework holds 14th plenary meeting, publishes 6th annual progress report.
A monthly review of US international tax-related developments. In this edition:
US tax treaty negotiations with Israel, Switzerland set to start, pending treaties require TCJA updates – IRS PTEP regs coming in Q1 2023, Section 367(d) guidance possible this year – Proposed IRS regulations coming on application of noncompulsory payment regs to certain amended Puerto Rico tax decrees – IRS Chief Counsel memo clarifies process for determining assessment statute expiration date in multi-year Section 332 liquidation – Sixth Circuit rules in favor of Eaton Corporation in APA cancellation – OECD holds public consultation meeting on Progress Report on Amount A of BEPS Pillar One – OECD issues bilateral APA manual – OECD’s Pascal Saint Amans announces plans to retire.
monthly review of US international tax-related developments. In this edition:
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.
monthly review of US international tax-related developments. In this edition:
US Senate Majority Leader, Sen. Manchin reach agreement on $740b budget reconciliation bill with 15% corporate minimum tax – Congress passes CHIPS bill with investment tax credits and incentives – Treasury and IRS publish technical corrections to final foreign tax credit regulations – IRS proposed regulations would limit Section 1256 mark-to-market accounting for FX contracts to FX forward contracts – Treasury announces termination of tax treaty with Hungary – OECD releases Progress Report on Amount A of Pillar One of BEPS 2.0 project – G20 Finance Ministers reiterate commitment to BEPS 2.0 two-pillar implementation.
monthly review of US international tax-related developments. In this edition:
Democrats fail to reach consensus on pared-down budget reconciliation package – Treasury Secretary testifies in support of anti-inflationary measures, BEPS 2.0 – US Supreme Court accepts FBAR filing case – IRS to defer reporting for certain derivative payments in forthcoming BEAT regulations – IRS to expand transfer pricing audit coverage – OECD officials offer update on BEPS 2.0 Pillars One and Two – OECD releases public consultation docs on tax certainty under Amount A for Pillar One.
monthly review of US international tax-related developments. In this edition:
US budget reconciliation remains stalled, but some behind-the-scenes talks – Senators introduce Support Ukraine Through Our Tax Code Act -- More US FTC guidance coming – US officials offer international tax projects update – IRS GLAM addresses allocating/apportioning ‘deferred compensation expense’ for FDII deductions – Changes to QI withholding agreement rules expand QI W/H and reporting responsibilities – OECD officials offer BEPS 2.0 update – OECD issues recommendations to strengthen tax administrations’ cooperation re international rules, including BEPS 2.0 – OECD releases public consultation on Regulated Financial Services Exclusion under Amount A for Pillar One.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
US Congress returns amid speculation over limited budget reconciliation – Senate proposal would disallow FTCs, other US tax benefits connected with operations in Russia or Belarus – IRS issues annual APA report for 2021 – New Schedules K-2 and K-3 FAQs released – OECD holds public consultation on Implementation Framework for Pillar Two GloBE Rules – OECD releases public consultation document on draft rules re scope under Amount A for BEPS Pillar One – OECD releases public consultation document on Extractives Exclusion under Amount A for Pillar One – OECD releases peer review reports on dispute resolution – OECD releases fourth annual peer review report on BEPS Action 6 on prevention of treaty abuse.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
Biden Administration releases FY2023 Budget with new international tax proposals – Congress passes omnibus appropriations bill with no tax title – Senate Finance Committee Chairman supports tax sanctions for Russia, Belarus – Final FTC regulations will be revisited to address BEPS 2.0 Pillar Two rules – Proposed PTEP regulations coming second half of 2022 – Senate Foreign Relations Committee reports out proposed US-Chile tax treaty – OECD releases Commentary and illustrative examples on Pillar Two Model Rules.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
US Senate Democrats backburner Build Back Better, look to address inflation’s impact – G20 confirms BEPS 2.0 ambitious timeline; Republican Senators voice concerns – IRS releases FAQs on Schedules K-2 and K-3 transition relief – Treasury official briefs Senators on future cryptocurrency reporting regs – OECD releases BEPS 2.0 Pillar One public consultation on draft nexus and revenue sourcing rules – OECD releases Pillar One public consultation on draft rules for tax base determinations – OECD finalizing crypto reporting framework.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
Biden Administration looks to scaled-back Build Back Better legislation – House Ways and Means Committee Republicans warn congressional consent needed for BEPS 2.0 Pillars – Final regulations released on treatment of domestic partnerships under Section 958, proposed PFIC regulations – IRS amends instructions for 2021 partnership Schedules K-2 and K-3, relevant to private equity, private capital funds – IRS announces fast-track pilot program to resolve corporate LTR requests in 12 weeks – US officials comment on cryptocurrency efforts – BEPS 2.0 model rules commentary expected to be released soon – OECD developing BEPS 2.0 Pillar Two corporate minimum tax implementation framework – OECD publishes 2022 Transfer Pricing Guidelines – OECD releases eighth batch of Stage 2 peer review reports on dispute resolution.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
Biden Administration’s Build Back Better legislation stalls in Congress; Senate Finance Committee releases updated international tax provisions – Senate Foreign Relations Committee Republicans urge vote on 2010 US-Chile tax treaty – Treasury releases final foreign tax credit regulations – IRS issues final rules on tax consequences of transition from LIBOR and other interbank offered rates in certain financial contracts – OECD releases Model Rules on Pillar Two Global Minimum Tax – OECD releases 2020 peer review report on BEPS Action 5 on Exchange of Information of Tax Rulings.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
US House passes Build Back Better Act budget reconciliation bill; action moves to Senate – President Biden signs infrastructure legislation including new cryptocurrency reporting – Final FTC regs expected by year-end, PTEP regs in 2022 – New IRS tool supports withholding agents’ compliance with Form 1042-S – IRS requests comments on APA, MAP applications and compliance – US, Turkey announce joint statement on unilateral digital tax compromise – India, US agree on transitional approach for 2% Equalization Levy prior to implementation of Pillar One rule – OECD remains committed to BEPS Pillars in effect by end of 2023 – OECD releases 2020 MAP statistics and awards
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition:
President Biden releases pared down budget reconciliation framework – G20 leaders confirm commitment to global tax changes under BEPS 2.0 – Six country Joint Statement on transitional approach to existing unilateral DST measures released – IRS rules gains, losses from commodity hedges sourced by reference to underlying hedged inventory property – Final Section 987 foreign currency regulations, certain related final regulations deferred by one additional year – IRS maintaining policy on “telescoping” in APA and MAP cases – Cyprus clarifies US-Cyprus CAA for exchange of CbC reports – MLI Conference of the Parties issues two opinions re MAP implementation and arbitration rules – UN releases MAP and Tax Dispute Resolution Handbook
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Congress fails to pass infrastructure and budget reconciliation legislation -- House Ways & Means Committee reports out reconciliation bill with major international tax proposals --
Senate Finance Committee Chairman releases partnership tax proposals -- Final foreign tax credit regulations will include jurisdictional nexus requirement -- IRS allows taxpayer to reverse GILTI "gap period" transaction through late CTB election -- IRS articulates five-factor test in determining income inclusion of reimbursement payments -- IRS issues final regulations on treatment of QIP and provides guidance on foreign tax credits -- IRS seeing more billion-dollar MAP cases -- IRS lists jurisdictions with US information exchange agreements that allow reporting certain deposit interest -- G7 Finance Ministers make progress on BEPS 2.0 issues in lead-up to October 2021 meetings.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US infrastructure legislation, FY 2022 budget resolution move forward – Senate Finance Committee Chairman, members release international tax discussion draft – Finance Committee Chairman introduces bill to amend tax treatment of financial derivative transactions – Senate-passed infrastructure bill would impose information-reporting requirements on sales of cryptocurrency, other digital assets – IRS extends to 1 January 2023 date for W/H on certain transfers, distributions related to PTP interests – US, Germany agree on exchange of CbC reports – IRS financial services campaign will not target specific transactions – OECD releases 2021 peer review update of preferential tax regimes – OECD releases corporate tax statistics publication, including anonymized/aggregated CbC report stats.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: White House, Senate negotiators reach agreement on $1.2 trillion infrastructure package – OECD announces conceptual agreement in BEPS 2.0 project; endorsed by G20 Finance Ministers, Central Bank Governors – US, UK competent authorities sign agreements re treaty LOB provision – IRS memo addresses CSA and inclusion of stock-based compensation costs – US Treasury official provides international tax regulatory update.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: Bipartisan infrastructure deal reached, but road to passage uncertain – House passes corporate disclosure package requiring CbC tax reporting for multinationals – Biden Administration’s proposed 15% minimum tax could come with requirement to disclose book-tax differences – IRS announces plans to amend BEAT regarding qualified derivative payment reporting – G7 Finance Ministers express strong support for global tax changes under BEPS 2.0 – OECD publishes model rules for information exchange for digital platforms.
The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US 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 – US proposes 15% global corporate minimum tax to BEPS 2.0 Steering Group – 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 – US Government releases early drafts of 2021 Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865 – Parties to OECD MLI release interpretative guidance.
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The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury releases President’s plan to overhaul corporate tax system – US Senators release proposed International Tax Framework – President Biden lays out $1.8 trillion American Families Plan proposal – Senate Finance Committee chairman reintroduces clean energy legislation – Treasury Secretary proffers BEPS 2.0 Pillar One proposal to Inclusive Framework – IRS issues proposed regs to coordinate WHT, gain deferral for certain foreign persons and partnerships investing in Qualified Opportunity Funds – IRS releases FAQs on ICAP program for US multinationals – PTEP guidance not expected until early fall – US, Japan reach agreement on tax treaty arbitration process – OECD releases consultation document with proposed changes to Commentaries to OECD Model Tax Convention on Article 9 (Associated Enterprises) – OECD publishes Arbitration Profiles for 30 countries under MLI – IMF and OECD release joint report on carbon pricing – UN tax committee approves new digital taxation article for UN model tax treaty – UN releases new Transfer Pricing Manual.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: President Biden lays out $2 trillion + infrastructure plan to be paid for with tax increases – Senate Finance Committee holds international tax hearing – Congressional Democrats introduce international tax legislation – President Biden signs $1.9 trillion American Rescue Plan Act of 2021 – US, Japan reach agreement on tax treaty arbitration process – IRS opens initiative on virtual currency – IRS APMA program director discusses taxpayers’ treatment of COVID-related costs – IRS APMA Program releases annual APA update – OECD official floats BEPS 2.0 Pillar Two simplification – OECD publishes jurisdictions currently participating in International Compliance Assurance Programme.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: Congress poised to enact $1.9t COVID relief bill with repeal of worldwide interest expense allocation – Treasury to consider reviving expired transfer pricing aggregation regulations – IRS continues APA/MAP case closures despite COVID restrictions – OECD FTA releases new handbook for ICAP – OECD holds public consultation on review of BEPS Action 14 minimum standard on dispute resolution – OECD releases 10th batch of peer review reports on BEPS Action 14.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury Secretary says no new taxes for now, commits to OECD BEPS discussions – New final regulations address application of Section 163(j) limitation to CFCs and partnerships, reserve on certain provisions – IRS allows remote signing / submission of authorization Forms 2848 and 8821 – IRS official says guidance on worldwide interest expense allocation a top priority, proposed FTC regs in 2021 – USTR finds DSTs adopted by six nations discriminatory; suspends DST-related punitive tariff actions on French goods – OECD IF political leaders promote global consensus following OECD public consultation on Pillar One / Two Blueprints – OECD Secretariat issues updated guidance on tax treaties re impact of COVID-19 pandemic.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Congress passes coronavirus stimulus and omnibus spending package, including extension of CFC look-through – IRS issues final and proposed PFIC regulations – Treasury to focus on other international projects, tax treaties as TCJA guidance nears completion – Treasury’s FinCEN further extends certain FBAR signature authority reporting over foreign financial accounts – IRS will continue ICAP joint risk assessment initiative – US transfer pricing enforcement remains priority while TCJA provisions may negate adjustments – IRS APMA seeing more queries on transfer pricing consequences of coronavirus pandemic – BEPS 2.0 Pillar One and Two comment period closes; public consultation set for 14-15 January 2021 – OECD issues guidance on transfer pricing implications of COVID-19, hard-to-value intangibles – OECD releases fourth peer review report on BEPS Action 5 on Exchange of Information of Tax Rulings – OECD’s FTA hosts virtual meeting of tax administration leaders.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: Major policy changes expected following US November election – Treasury and IRS finalize regulations to reduce double taxation caused by anti-abuse rules on GILTI gap period – IRS officials provide international regulatory update – US, Mexico renew competent authority agreement on unilateral APAs for maquiladoras – IRS updates list of jurisdictions for automatic exchange of CbC reports – IRS reviewing stock-based compensation in cost-sharing context – OECD to hold virtual public consultation on BEPS 2.0 Pillar 1 and Pillar 2 in mid-January 2021 – OECD releases Consultation Document on 2020 review of BEPS Action 14 – OECD releases 2019 mutual agreement procedure statistics, 2019 mutual agreement procedure awards – OECD releases report on taxing virtual currencies.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD releases BEPS 2.0 Pillar 1 and Pillar 2 blueprints, invites public comments – UN releases new proposed treaty article on digital taxes – Final rules under Section 1446(f) address W/H on transfers of partnership interests – IRS concludes Section 704(c) anti-abuse rule triggered in asset contribution to foreign partnership – IRS confirms some modifications to debt instruments, other contracts to reflect LIBOR discontinuation will not result in deemed taxable exchange – IRS ‘practice unit’ offers exam guidance on inclusion of stock-based compensation in CSAs – IRS to limit use of ‘telescoping’ in APA and MAP cases – IRS will consider amending existing APAs to reflect COVID-19 economic conditions.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD releases BEPS 2.0 Pillar 1 and Pillar 2 blueprints, invites public comments – UN releases new proposed treaty article on digital taxes – Final rules under Section 1446(f) address W/H on transfers of partnership interests – IRS concludes Section 704(c) anti-abuse rule triggered in asset contribution to foreign partnership – IRS confirms some modifications to debt instruments, other contracts to reflect LIBOR discontinuation will not result in deemed taxable exchange – IRS ‘practice unit’ offers exam guidance on inclusion of stock-based compensation in CSAs – IRS to limit use of ‘telescoping’ in APA and MAP cases – IRS will consider amending existing APAs to reflect COVID-19 economic conditions.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD releases BEPS 2.0 Pillar 1 and Pillar 2 blueprints, invites public comments – UN releases new proposed treaty article on digital taxes – Final rules under Section 1446(f) address W/H on transfers of partnership interests – IRS concludes Section 704(c) anti-abuse rule triggered in asset contribution to foreign partnership – IRS confirms some modifications to debt instruments, other contracts to reflect LIBOR discontinuation will not result in deemed taxable exchange – IRS ‘practice unit’ offers exam guidance on inclusion of stock-based compensation in CSAs – IRS to limit use of ‘telescoping’ in APA and MAP cases – IRS will consider amending existing APAs to reflect COVID-19 economic conditions.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD releases BEPS 2.0 Pillar 1 and Pillar 2 blueprints, invites public comments – UN releases new proposed treaty article on digital taxes – Final rules under Section 1446(f) address W/H on transfers of partnership interests – IRS concludes Section 704(c) anti-abuse rule triggered in asset contribution to foreign partnership – IRS confirms some modifications to debt instruments, other contracts to reflect LIBOR discontinuation will not result in deemed taxable exchange – IRS ‘practice unit’ offers exam guidance on inclusion of stock-based compensation in CSAs – IRS to limit use of ‘telescoping’ in APA and MAP cases – IRS will consider amending existing APAs to reflect COVID-19 economic conditions.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: Final BEAT regulations adopt proposed BEAT guidance with some changes − New final and newly proposed foreign tax credit regulations released − Treasury issues final sourcing regulations on sales of personal property (including inventory) − IRS releases final and proposed regulations re repeal of Section 958(b)(4) − IRS issues final regs on characterization of foreign persons’ gain or loss from sale / exchange of interests in partnerships engaged in US trade or business − Final Section 163(j) regulations generally applicable tax years on / after 13 November 2020 − IRS delays certain Section 987 FX regulations for additional year − Notice 2020-69 provides rules on entity treatment election for certain S corporations re GILTI in AAA inclusions − Final BEPS 2.0 Pillar 1 and 2 blueprints to be published 12 October 2020 − OECD releases third phase of peer reviews on BEPS Action 13.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: IRS finalizes Section 245A DRD anti-abuse regulations with few changes – Treasury and IRS propose complex, taxpayer-favorable regulations to reduce possibility of double taxation caused by anti-abuse rules during GILTI gap period – US, Swiss competent authorities reach agreement on treaty arbitration process – UN Tax Committee issues proposal for taxing digital services income.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: IRS issues final and proposed interest expense limitation regulations – Final and proposed GILTI regulations deliver few benefits, some surprises – IRS releases final regulations under Section 250 for computing FDII and GILTI deduction – IRS releases new draft partnership Schedules K-2 and K-3 for international tax reporting – US announces action against France’s DST – G20 Finance Ministers / Central Bank Governors reiterate commitment to BEPS 2.0 pillars – OECD releases new corporate tax data including CbCR statistics – OECD issues model rules for data reporting by platform operators for sellers in sharing / gig economy.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Supreme Court declines to hear Altera case – US Treasury Secretary calls for ‘pause’ in BEPS 2.0 Pillar 1 discussions – USTR initiates investigations into implemented / proposed DSTs in 10 jurisdictions – IRS LB&I official offers insights to TCJA compliance campaign – IRS seeks 2020-2021 Priority Guidance Plan recommendations – OECD releases toolkit on taxation of offshore indirect transfers of assets – OECD circulates COVID-19 transfer pricing survey to BIAC members.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: Congress considers further action to address coronavirus pandemic – IRS finalizes proposed Section 385 regulations with no substantive changes, leaves distribution rules in effect – Treasury and IRS announce references to NAFTA in US tax treaties should be interpreted as references to USMCA – IRS offers limited relief for filing Forms 8858 or 8865 – IRS announces modifications for filing APA and MAP requests, addresses pending and executed APAs – New refocusing on BEPS, OECD official says – OECD holds public consultation on 2020 review of CbCR – OECD hosts webcast offering update on tax work during COVID-19 crisis; July IF meeting delayed to October 2020.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: President Trump signs interim coronavirus relief measure; attention turns to COV’ID-19 bill #4 – IRS issues final and proposed regulations on hybrid mismatches, DCLs and conduit financing – IRS regulations include new anti-abuse rule targeting certain ‘GILTI gap period’ transactions – Taxpayers need to consider international tax implications of making certain NOL elections under Rev. Proc. 2020-24 – IRS issues FAQs on interaction of NOL carrybacks and Section 965 inclusions – IRS announces taxpayers can temporarily fax Forms 1139 and 1045 to claim NOL carrybacks and AMT credits under CARES Act – IRS provides relief for potential tax consequences caused by COVID-19 travel restrictions – IRS withdraws 2004 Notice on ‘Midco’ transactions – IRS releases FAQs on transfer pricing documentation best practices – IRS issues annual APA report for 2019 – IRS updates FATCA FAQs – OECD BEPS 2.0 project to continue on current timelines – OECD issues guidance on impact of the COVID-19 crisis on treaty-related issues – OECD releases second batch of Stage 2 peer review reports on dispute resolution.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US CARES Act stimulus package to address COVID-19 has international tax implications – IRS expands 15 April tax relief and issues FAQs on extension of filing and payment deadlines, FATCA reporting – IRS issues final Section 901(m) regulations – TIGTA finds major FIRPTA withholding discrepancies – Alignment of transfer pricing regulations to TCJA provisions in relation to IP definition not expected before 2021 – OECD plans to continue BEPS 2.0 project virtually – OECD releases second annual peer review report on BEPS Action 6, prevention of treaty abuse – OECD releases CbCR comments.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury Secretary confirms DST deal with France – All major TCJA guidance expected by October 2020 – Pending US tax treaties with Chile, Hungary and Poland may require renegotiation over BEAT – IRS officials elaborate on limited Section 965 transition relief, BEAT PLR option – Altera files for certiorari in US Supreme Court in cost sharing case – OECD on track to complete BEPS 2.0 core principles in 2020 -- OECD offers tax revenue estimates for BEPS 2.0 proposals – OECD issues CbCR consultation document – OECD issues transfer pricing guidance for financial transactions – OECD offers draft model rules on platform operators for ‘sharing’ and ‘gig’ economy – OECD releases eight batch of peer review reports on BEPS Action 14.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury Secretary confirms DST deal with France – All major TCJA guidance expected by October 2020 – Pending US tax treaties with Chile, Hungary and Poland may require renegotiation over BEAT – IRS officials elaborate on limited Section 965 transition relief, BEAT PLR option – Altera files for certiorari in US Supreme Court in cost sharing case – OECD on track to complete BEPS 2.0 core principles in 2020 -- OECD offers tax revenue estimates for BEPS 2.0 proposals – OECD issues CbCR consultation document – OECD issues transfer pricing guidance for financial transactions – OECD offers draft model rules on platform operators for ‘sharing’ and ‘gig’ economy – OECD releases eight batch of peer review reports on BEPS Action 14.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US officials offer new insights for coming international tax guidance – IRS releases final regulations on US partner contributions to partnerships with related foreign partners – Final FATCA and chapter 3 regulations issued – IRS will entertain cryptocurrency PLRs – IRS will consider certain requests for double taxation relief due to Section 965 repatriation – IRS rules target’s capitalized transaction costs do not create a separate and distinct intangible asset – OECD announces renewed IF commitment for 2020 consensus on new international tax rules under BEPS 2.0 – OECD releases additional guidance on CbCR, summary of related notification requirements – OECD releases third peer review report on Action 5 on the exchange of tax rulings.
In this edition: US releases USTR findings re France’s DST – US issues final and proposed BEAT regulations – IRS issues final and proposed FTC regulations – IRS issues final W/H and reporting regulations – IRS issues final Section 871(m) regulations on dividend equivalent payments, extends transition relief – IRS issues proposed regs on sourcing income from sales of certain personal property – IRS again delays certain Section 987 FX regulations – Treasury grants another FBAR extension – Officials discuss OECD BEPS 2.0 Project – OECD hosts Pillar 2 GloBE public consultation – OECD releases additional CbC guidance – OECD releases BEPS Action 14 peer review reports.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD issues consultation document on technical design of Pillar Two – IRS issues final regulations on ownership attribution rules for CFC purposes – IRS announces Section 965 transition tax compliance campaign – Treasury officials offer TJCA international guidance timeline – Ninth Circuit denies en banc rehearing in Altera – US government aware transfer pricing may be used to reduce TJCA tax liability – Cyprus announces coming bilateral CbCR Competent Authority Agreement with US – OECD holds public consultation on Pillar One – OECD releases ADIMA database with global MNE profiles – OECD releases more guidance on spontaneous exchange of information by no or nominal tax jurisdictions – OECD releases additional guidance on CbC Reporting, summary of common MNE errors.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: OECD releases BEPS 2.0 Pillar One ‘unified approach’ – Treasury issues final regulations removing Section 385 documentation requirements, notice of proposed rulemaking for treating some interests as debt – IRS announces taxpayers can still rely on expired temporary Section 385 recharacterization rules – IRS issues proposed regulations and Rev. Proc. 2019-40 on repeal of Section 958(b)(4) – IRS proposed rules address tax consequences of elimination of LIBOR, other interbank offered rates – New US cryptocurrency tax guidance addresses some open questions, leaves others unanswered -- IRS CCA concludes 952(c) election to include otherwise excludible insurance income in subpart F income of CFCs’ US shareholders is obsolete – OECD releases sixth batch of peer review reports on BEPS Action 14.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US Treasury announces entry-into-force for protocols with Japan, Spain, Luxembourg, and Switzerland – IRS issues proposed Section 382(h) regulations on built-in gains and losses – International TJCA guidance expected in fall – IRS reconsidering Form 1120-F nonfiler compliance campaign – OECD releases second phase BEPS Action 13 peer review – OECD holds first Tax Certainty Day, releases 2018 MAP statistics.
The Ernst & Young ITS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: IRS issues proposed rules on cloud-based, other digital transactions – French President Macron comments on new Digital Services Tax – IRS increase cryptocurrency enforcement efforts – IRS will allow domestic partnerships, S corps to apply proposed GILTI regulations before 22 June 2019 – US Circuit Court of Appeals affirms Tax Court’s decision in Amazon case – IRS withdraws “Altera Memo” Directive on cost-sharing arrangement stock-based compensation – OECD releases US Stage 2 peer review on BEPS Action 14 minimum standard.
US Senate approves amending tax protocols with Luxembourg, Switzerland, Japan and Spain – US considers retaliation against France’s new DST – IRS issues proposed PFIC regulations – IRS releases final regulations for allocating partnerships’ creditable foreign tax expenditures – IRS sending warning letters to virtual currency owners – IRS issues information on Section 965 filing and payment – Altera Corporation files petition for rehearing of cost sharing case in Ninth Circuit
Temporary and proposed DRD regulations reflect GILTI-centric view of TCJA’s international tax rules – US government issues final and proposed GILTI and subpart F regulations – IRS issues proposed regulations under Sections 954 and 958; consequences for subpart F and GILTI regimes – IRS issues proposed regulations on FIRPTA tax exception for foreign pension funds’ interests in US real property – DC Circuit affirms Grecian Magnesite Mining – Ninth Circuit again reverses Tax Court in Altera cost sharing case – US Senate Foreign Relations Committee reports out tax protocols to treaties with Japan, Luxembourg, Spain and Switzerland – OECD digital workplan envisions global agreement on new rules for multinational taxation – G20 Finance Ministers and Central Bank Governors welcome progress on addressing tax challenges from digitalization
IRS releases final Section 956 regulations, generally follow proposed rules with two major modifications – IRS finalizes certain temporary FX regulations – IRS proposed regulations under Section 1446(f) clarify scope of W/H on transfers of partnership interests – EC comments on US FDII proposed regulations – US reiterates opposition to unilateral digital proposals – Puerto Rico, USVI developments highlighted
US Congressional tax writers concerned over unilateral digital taxation proposals – IRS publishes revised 2019 Tax Treaty Table 1 – No delay in Section 965 final regulations effective date – IRS LB&I announces new compliance campaigns on transfer pricing and information reporting – IRS may use APMA FCD Model in some exams – GAO issues report on FATCA implementation – OECD FTA publishes 7 reports on tax administration – OECD FTA announces ICAP 2.0 – UN Subcommittee issues paper on digital taxation
OECD holds consultation on tax challenges of digitalization, with aggressive 2020 deadline – IRS issues proposed Section 250 regulations on computing FDII and GILTI deduction – Final GILTI regulations coming by summer, PTI regs by late summer / early fall – IRS releases final FATCA regulations on compliance and verification procedures – EU comments on US Section 59A BEAT regulations – IRS APMA releases Functional Cost Diagnostic Model for certain APAs – IRS requiring TP teams to consult with APMA in certain cases – IRS releases 2018 APA results – US, India sign CbC exchange agreement – OECD releases beneficial ownership toolkit
US Treasury official comments on OECD international tax deliberations – US supports global efforts to adopt corporate minimum tax – US government may miss June 2019 deadline to finalize TCJA international regulations – Final Section 965 regulations clarify filing Form 965-A or 965-B with transfer agreements – IRS LB&I requiring transfer pricing teams to consult with APMA – OECD opens public consultation on tax challenges from digitalization of the global economy – OECD releases fifth batch of peer reviews on BEPS Action 14 – OECD releases first annual peer review on BEPS Action 6
Tax agenda uncertain in new Congress -- Final IRS Section 965 transition tax regulations largely follow proposed rules, but include significant changes -- IRS releases final Form 8990 and instructions -- Argentine inflation may have US tax considerations for taxpayers with Argentine operations -- OECD releases policy note addressing tax challenges of digitalization -- OECD issues 2018 progress report on preferential regimes -- OECD BIAC issues tax principles for digital economy
US Congress fails to enact year-end tax legislation – JCT issues ‘Blue Book’ on 2017 Tax Cuts and Jobs Act – IRS issues proposed regulations on Section 59A BEAT – IRS issues proposed regulations on foreign persons’ taxable gain on sale of partnership interestes engaged in US business -- IRS issues proposed hybrid dividends / entities regulations – IRS announces future foreign corporate PTEP regulations – IRS issues proposed FATCA regulations – Treasury grants another FBAR extension – Puerto Rico enacts tax reform -- OECD publishes tax report to G20 leaders – OECD releases second annual peer report on BEPS Action 5
Congress returns for lame-duck session; year-end tax bill taking shape – IRS releases proposed regulations and related guidance on interest expense limitation under Section 163(j) – IRS issues proposed foreign tax credit regulations – IRS releases draft Form 8990, Limitation on Business Interest Expense under Section 163(j) – Taxpayers told to expect more ‘informal’ guidance, including on cryptocurrencies – IRS adds four new LB&I international compliance campaigns – US, Japan sign CbCR information exchange arrangement – Netherlands to repeal decree re: US-Netherlands tax treaty regarding hybrid entities – OECD issues guidance on MLI synthesized texts, MLI entry into effect – OECD updates results on preferential tax regimes, substantial activity requirements for no/nominal tax jurisdictions – OECD begins new BEPS Action 14 minimum standard review of additional jurisdictions
Most TCJA international proposed regulations out by year-end -- IRS proposed rules would reduce Section 956 inclusions for certain domestic corps owning stock in foreign corps -- IRS announces changes to Section 965 transition tax rules affecting basis election deadline, aggregate foreign cash position -- 2018 QI, W/H foreign partnership and W/H Foreign Trust application deadline 16 November 2018 -- IRS issues guidance for REITs on certain income inclusions from foreign corps -- IRS to move on W/H tax campaigns in 2019 -- US reaffirms opposition to unilateral digital tax measures -- US, Israel to review updating tax treaty -- OECD on track for digital tax framework -- OECD releases 2017 MAP statistics
US House approves ‘tax reform 2.0’ legislation – US government issues proposed GILTI regulations – Treasury and IRS propose removing Section 385 debt/equity documentation requirements -- IRS releases draft Form 8991 for TCJA’s BEAT – IRS grants relief to RICs from Section 4982 excise tax for Section 965 inclusions – IRS to delay Section 871(m) regulations effective / applicability date two years – IRS issues guidance on REITS on income inclusions from foreign corporations -- IRS announces new compliance campaigns – OECR issues more CbCR guidance, updated exchange relationships
US Treasury releases proposed Section 965 regulations on repatriation transition -- IRS proposed GILTI regs under review by OMB; draft GILTI and FDII forms released -- IRS announces upgrades to FATCA Registration System – US Tax Court holds upstream loan between CFCs was bona fide debt, later transfer of proceeds to US shareholders nontaxable return of capital - DC Circuit rejects per se bar on bearer shares under Section 883 income exclusion for international shipping and aircraft corporations - Ninth Circuit withdraws opinion reversing Tax Court in Altera — US Tax Court rules Section 1446 W/H tax liability is a partnership item -- Eighth Circuit vacates Tax Court opinion in Medtronic, remands to Tax Court for further consideration -- OECD releases fourth batch of peer review reports on Action 14
US House Republicans release tax reform 2.0 framework -- IRS issues final anti-corporate inversion regulations -- Proposed repatriation transition tax regulations release imminent; Treasury official offers insights on other international projects -- IRS denies DRD to affiliated group by treating swap on stock index as SSRP regarding single issue of stock -- IRS announces additional international compliance campaigns -- Treasury FATCA report finds fault with IRS -- New IRS guide on transfer pricing examinations released -- OECD releases draft on transfer pricing aspects of financial transactions -- OECD Secretary-General sends G20 finance ministers annual BEPS progress report
US Congressional leaders talk tax reform 2.0 -- US Supreme Court overturns physical presence nexus standard; major implications for sales to the United States -- IRS updates Section 965 transition tax FAQs to include late-payment penalty, filing relief -- IRS announces additional delay of Section 987 FX regulations -- US officials offer TCJA international regulatory update -- IRS finalizing 2016 proposed FATCA regulations; portal for certifications this summer -- OECD issues guidance on hard-to-value intangibles, transactional profit split method -- OECD not in competition with EU on digital taxation, official says
US officials offer insights, timelines on upcoming TCJA guidance -- House Republicans, Trump Administration discuss ‘phase-two’ tax reform -- IRS announces forthcoming regulations expanding Section 956 exception to definition of US property -- Final anti-inversion rules may be released in June – US government releases offer timing for TCJA international tax guidance -- IRS announces new template for APAs -- OECD releases first annual peer review report (Phase 1) on Action 13 -- OECD may revise Transfer Pricing Guidelines -- UN releases updated Model Tax Treaty
Treasury, OMB announce tax regulatory review agreement – IRS notice offers some clarity on new Section 163(j) business interest expense limitation – IRS Notice 2018-26 announces anti-avoidance rules, other regulations on Section 965 transition tax – US issues CbC reporting guidance for specified national security contractors – IRS issues interim guidance under new Section 1446(f) for sales of interests in non-publicly traded partnerships – IRS considering BEAT aggregation rules as applied to control groups – IRS to release final FATCA regulations shortly – US, Indonesia sign MOU on CbC reporting – US, Costa Rica sign TIEA.
Congressional Republicans, Trump Administration look to ‘phase 2’ tax reform -- US opposes taxes singling out digital economy -- IRS issues FAQ guidance on Section 965 transition tax -- IRS expands ‘no TIN” list in Notice 2018-20 -- FATCA-related publications released -- IRS issues annual APA report for 2017; substantial uptick in Indian APA filings -- OECD releases third batch of peer review reports on Action 14 -- OECD releases interim report on tax challenges from digitalization -- BEPS Multilateral Convention to enter into force on 1 July 2018 -- OECD releases more guidance on attribution of profits to PEs.
US government moving forward with TCJA international guidance, two more transition notices expected -- IRS guidance under new Section 965 prevents certain foreign corporations from making accounting period changes -- New guidelines issued for delinquent Forms 1120-F and waiver requests -- Treasury may delay Section 987 branch currency regulations until 2020 -- IRS updates Priority Guidance Plan with some TCJA international provisions -- IRS assumes major role in OECD’s International Compliance Assurance Program -- IRS announces increase in user fees for unilateral and bilateral APAs -- OECD releases additional CbCR guidance, country approaches to CbC reporting
US Treasury addresses TCJA guidance -- IRS begins filling in details on TCJA’s new Section 965 transition tax on foreign earnings -- Treasury grants yet another extension of time for reporting signature authority (FBAR, Form 114) over certain foreign financial accounts -- IRS LB&I issues instructions for examiners on transfer pricing selection issues -- IRS limits use of mandatory transfer pricing IDR, instructs examiners on penalties in TP cases -- OECD launches International Compliance Assurance Program pilot.
US enacts comprehensive tax reform; revamps international tax rules -- Tax accounting among top issues following enactment of US tax reform -- EU officials reviewing US international tax reform measures -- IRS issues guidance on transition tax on foreign earnings -- IRS proposed regulations may alleviate foreign currency tax asymmetries for CFCs, provide new mark-to-market election for certain FX transactions -- IRS suspends withholding obligations under TCJA’s new Section 1446(f) -- IRS issues proposed regulations on international rules under BBA partnership audit regime -- OECD releases second batch of peer review report on BEPS Action 14 -- OECD releases first annual peer review report on BEPS Action 5 -- OECD invites taxpayer input on fourth batch of peer reviews of BEPS Action 14
US House and Senate pass competing tax reform bills – IRS concludes GRA becomes fixed on date of initial transfer – IRS may not complete planned competent authority agreements for CbCR by year end – US-Argentina tax information exchange agreement in force – IRS outlines additional international tax compliance initiatives – US to appeal ruling IRS violated APA regarding anti-inversion regulations – OECD releases additional CbCR guidance – OECD issues 2016 MAP statistics – OECD Council approves 2017 update to Model Tax Convention – OECD holds second consultation on attribution of profits to PEs, and profit splits – OECD publishes updated TP country profiles
US Congress gains momentum on tax reform; House W&M releases reform bill – Treasury outlines future actions on international regulations under Executive Order review -- Treasury to delay application of final Section 987 regulations by one year -- Treasury / IRS 2017-2018 Priority Guidance Plan shifts focus to reducing burdens and complexity -- OECD publishes two handbooks on CbCR - OECD releases progress report on preferential regimes under BEPS Action 5
Republican tax reform framework released; action moves to Congressional tax-writing committees – IRS offers relief for financial institutions required to obtain and report TINs – IRS issues proposed regulations on registration-required obligations and registered form rules – IRS issues updated draft APA template – OECD releases further CbCR guidance – OECD releases US peer review report on BEPS Action 14 minimum standards
Trump Administration, Congressional Republicans to renew focus on tax reform -- US extends transition period for applying certain parts of Section 871(m) regulations -- OECD releases report on branch mismatch arrangements.
House border adjustability will not be part of US tax reform -- Nomination of next Treasury Assistant Secretary for Tax Policy advances in Senate -- IRS delays Section 385 documentation requirements by one year-- US signs more CbC competent authority arrangements -- New IRS CbC reporting site offers latest forms and guidance – Government issues corrections to reporting / withholding regs under FATCA, Chapters 3 and 61-- Deadline for MNCs to request suspension of MAP-related deadline under Mexico-US tax treaty -- Tax Court refuses to follow IRS guidance subjecting foreign investors to US tax on dispositions of partnership investments -- Tax Court holds US parent's CFCs held US Property under Section 956 from intercompany transactions -- Tax Court rules IRS abused discretion in cancelling APAs -- OECD releases update of Guidance on the Implementation of Country-by-Country Reporting -- OECD releases draft 2017 update to the OECD Model Tax Convention -- OECD releases 2017 Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations -- OECD updates G20 Leaders on tax progress -- OECD, UN, IMF and World Bank issue toolkit to address difficulties in accessing comparable data for TP analysis.
Trump Administration to deliver detailed tax reform plan to Congress following August recess -- IRS signing competent authority agreements for CbCR exchanges -- IRS reviewing options for FTINs -- IRS LB&I reviewing how transfer pricing cases selected -- 68 jurisdictions sign Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS -- OECD seeks taxpayer input on BEPS Action 14 peer reviews -- OECD releases revised discussion drafts on profits splits, attribution of profits to permanent establishments.
Trump Administration, Congressional Republicans look for unified tax reform proposal – Trump Administration’s FY2018 Budget offers few specifics on tax reform -- Trump Administration issues NAFTA renegotiation notice letters -- Changes made to IRS reporting under Sections 332, 351, 368 and 6038B by final regulations issued in 2016 affect filings for 2016 -- Treasury negotiating competent authority agreements to exchange CbC reports – US tax treaty negotiation update -- G7 Finance Ministers and Central Bank Governors communiqué references global tax system -- OECD releases implementation guidance on hard-to-value intangibles -- OECD releases peer review document on BEPS Action 6, Preventing the Granting of Treaty Benefits in Inappropriate Circumstances.
President Trump releases tax reform plan; calls for territorial system and repatriation of foreign earnings -- President Trump signs executive order requiring review of tax regulations – Modification of variable prepaid forward contracts does not trigger gain realization, Tax Court holds – IRS issues annual APA report for 2016; uptick in Indian APA cases – IRS extends deadline for submitting QI, WP, and WT agreement renewal requests to 31 May – OECD updates guidance on Country-by-Country Reporting.
Congress turns to tax reform after ACA repeal fails in House – Trump Administration issues FY 2018 ‘skinny budget’ – US Tax Court upholds Amazon subsidiary's transfer pricing buy-in payment – IRS finalizes competent authority agreements for CbC reporting – IRS to resume issuing ‘sub-regulatory’ guidance – OECD official offers insights on upcoming profit split, PE profit attribution drafts – OECD, IMF deliver report addressing tax certainty.
President Trump delivers address to Congress; US tax reform remains priority – LB&I announces first international tax campaigns in new issued-based exams and compliance process – US officials offer insights on Section 901(m), Section 385 guidance – Japan’s NTA confirms tax treatment of US LPs as fiscally transparent – IRS official confirms no major guidance in near term -- OECD begins peer reviews of BEPS Action 14 Dispute Resolution – OECD release peer review documents on BEPS Action 5 (Harmful Competition) and BEPS Action 13 (CbC Reporting) – OECD, UN, IMF, World Bank jointly release draft transfer pricing toolkit for developing countries.
Republican control of Congress, White House sets stage for US tax reform – IRS regulations deny nonrecognition to contributions of appreciated property by US persons to certain partnerships with related foreign partners – IRS issues final anti-corporate inversion regulations – IRS issues guidance on CbC reports for early reporting periods – Final and temporary Section 871(m) regulations address dividend equivalents – 2017 Qualified Intermediary Agreement, Foreign Financial Institution Agreement released – OECD releases BEPS Action 6 draft on treaty entitlement of non-CV funds’ examples.
Congress, incoming Trump Administration prepare for tax reform * Temporary and proposed regulations on covered asset acquisitions issued under Section 901(m) * Final and temporary US FX regulations issued * Final regulations retroactively eliminate Section 367(d)'s exception for foreign goodwill and going concern value * IRS releases extensive FATCA-related guidance * IRS issues final PFIC regulations * IRS finalizes regulations requiring reporting by foreign-owned US disregarded entities * IRS Notice 2016-73 announces amendments to Section 367 regulations applying to certain cross-border triangular reorganizations and inbound nonrecognition transactions * IRS issues Section 871(m) transition rules in Notice 2016-72 * IRS Notice 2017-07 modifies effective date for deferral events and outbound loss events * US, India reached agreement in first bilateral APA.
US Treasury and IRS issue final and temporary Section 385 debt/equity regulations – What taxpayers should do now that final Section 385 regulations are released – IRS officials say cross-border intangible guidance, Section 871(m) package coming soon – US taxpayers seeking unilateral APAs with Mexico for maquiladoras will not be subject to double taxation – US to exchange summaries of unilateral APAs in accordance with BEPS Action 5 – OECD holds consultation on BEPS profit attribution to PEs, revised guidance on profit splits – OECD released BEPS Action 14, "More Effective Dispute Resolution Mechanisms," peer review documents.
Congressional Republicans maintain opposition to Proposed Section 385 regulations -- IRS focusing on FATCA IGAs currently ‘in effect’ -- Obama Administration issues White Paper on EU State aid investigations – IRS final regulations issued on 2% tax on payments US government makes to foreign persons under certain contracts -- Treasury/IRS 2016-2017 Priority Guidance Plan contains several new international tax projects -- Lawsuit filed challenging anti-corporate inversion regulations -- OECD releases Discussion Draft on branch mismatch structures.
IRS and Treasury hold hearing on Proposed Section 385 debt/equity regulations – Senate Finance Committee Chairman’s corporate integration draft delayed -- IRS releases proposed Qualified Intermediary Agreement – IRC Section 385 cases in exam or litigation require coordination with IRS Associate Chief Counsel offices – IRS official lists international guidance slated for release before Obama Administration ends.
US releases final country-by-country (CbC) reporting regulations – House W&M Republicans request comment period extension for Proposed Section 385 debt/equity regulations; Treasury remains firm – House tax reform blueprint details to be filled in; House Democrats take aim – OECD releases more guidance on CbC reporting.
Tax reform and corporate integration dominate discussions in lead up to House tax reform blueprint – Comprehensive derivatives taxation draft released -- Congressional Republicans voice concern over Proposed Section 385 debt/equity regulations – US Treasury moving forward with optional CbC reporting in 2016 -- US proposed rules would require reporting by foreign-owned US disregarded entities -- ABA Tax Section meeting highlights proposed Section 385 and Section 305(c) regulations, US Model Treaty -- Six more countries sign tax cooperation agreement enabling automatic exchange of CbC reports.
Uncertainty regarding House international tax reform draft – Comprehensive tax reform blueprint expected by end of June – New Section 385 regulations would treat related-party corporate interests as stock, not debt -- Treasury releases new anti-corporate inversion regulations modifying application of Section 7874, limiting post-inversion tax benefits – US moving toward optional CbC reporting for 2016 – IRS issues proposed regulations under Section 305(c) deemed distributions and related withholding – Future proposed regulations will treat foreign-owned single-member LLCs as corporations for Section 6038A reporting purposes – IRS Associate Chief Counsel (International) lists top guidance priorities.
US international tax reform remains major issue on Capitol Hill – IRS final outbound asset reorganization rules adopt repeal of Section 367(a)(5) exception – Proposed regulations to treat foreign-owned single-member LLCs as corporations for 6038A reporting coming soon – IRS removes Cuba from list of countries for which FTCs, CFC deferral disallowed – Treasury to release US CbC reporting regs by 30 June, official says – IRS issues 2015 APA report.
US international tax reform takes on added urgency in Congress – Obama Administration’s FY 2017 Budget includes international provisions substantially similar to FY 2016 proposals – Treasury releases 2016 US Model Income Tax Treaty – US Treasury official comments on EU State aid investigations -- IRS amends regulations allocating partnership foreign tax expense – FIRPTA regulations amended to reflect Path Act -- IRS files appeal in Altera Corp. v. Commissioner – IRS names new Associate Chief Counsel (international).
House Ways and Means Committee to mark-up international tax reform bill in 2016 – Senate Finance Committee leaders express concern over EU State aid investigations – President Obama delivers State of the Union address – US legislation has implications for certain foreign pension funds –IRS Notice 2016-10 offers guidance for RICs with Section 853 elections alternative methods for handling foreign tax refunds – Treasury is considering foreign goodwill exception in final Section 367 regulations – Sixth Circuit holds FX option is Section 1256 contract, reverses Tax Court.
Congress makes permanent certain international tax extender provisions in major tax legislation – House, Senate committees hold hearings on BEPS, EU state aid and inversions – US issues proposed CbC reporting regulations – US international tax guidance on the horizon – Treasury grants yet another FBAR extension – IRS announces Section 4371(3) excise tax will not apply to foreign-to-foreign reinsurers.
Congressional leaders, Obama Administration negotiating tax extenders package -- Pending Treasury regulations will expand scope of Section 7874, limit benefits of certain post-inversion transactions -- Treasury considering narrowing eliminated exception for outbound transfers of foreign goodwill -- Delayed applicability date announced for aspect of Section 871(m) dividend equivalent payment regulations -- US Senate Foreign Relations Committee approves tax agreements; further Senate action uncertain.
W&M Committee Chairman Paul Ryan elected House Speaker – Senate Foreign Relations Committee holds hearing on 8 pending tax agreements – Accelerated deadline for FBAR filing for calendar year 2016 accounts – IRS delays new rule for loan treatment of nonperiodic payments on NPCs – More countries to exchange bank deposit interest info with US -- IRS to target inbound middle market companies for TP exams – US will accept bilateral Indian APA applications in January 2016 – US CbC reporting regs to be released in 2015 -- OECD issues final BEPS reports
Congress returns to pending deadlines; Speaker Boehner resigns – IRS issues regulations under Subpart F – IRS releases final regulations on integrated hedging transactions – IRS issues long-awaited final regulations addressing “F” reorganizations – IRS proposed regulations would subject outbound transfers of foreign goodwill or going concern value to tax under Section 367(a) or (d) – IRS releases temporary regulations under Section 482 on coordinating TP rules with other Code provisions – IRS issues final and temporary regulations on dividend equivalent amounts – IRS: Cash basis taxpayer may not elect accrual method for claiming FTCs on amended return – IRS extends certain FATCA transitional rules – US Appellate Court affirms special 10-year statute of limitations for refund claims attributable to FTCs runs from return due date – US District Court rules discretionary treaty benefits subject to judicial review.
Congress returns on 8 September to legislative, budgetary deadlines – Tax Court in Altera rules stock-based compensation costs not included in cost pool for QCSAs subject to 1995 cost-sharing regulations -- IRS Notice 2015-54 announces forthcoming regulations on partnership nonrecognition of property contributions -- IRS recharacterizes intercompany referral fee income, reallocates intercompany referral fee expenses -- IRS updates procedures for competent authority assistance -- IRS issues updated guidance on requesting and obtaining an APA -- IRS 2015-2016 Priority Guidance Plan contains new international tax projects – OECD issues report on implementing CbC standard.
Senate Finance Tax Reform Working Group issues international tax reform report – Senior House Ways and Means Committee members release “innovation box” discussion draft – Senate Finance Committee approves “tax extenders” bill – US, Vietnam sign first-ever tax treaty – Treasury to issue international guidance in coming months – OECD holds final public consultation on BEPS Actions 8-10 on transfer pricing – Senate Finance Committee Chairman outlines BEPS concerns.
US international tax reform, repatriation considered to pay for Highway Trust Fund -- Congressional tax leaders express BEPS project concerns -- Bill introduced to close PFIC ‘loophole’ -- IRS issues final Section 7874 regulations; retains bright-line rule of SBAT -- IRS reiterates that principles of Notice 2012-39 retroactively apply to outbound F reorgs with CFC shareholder -- OECD releases discussion draft on hard-to-value intangibles under BEPS Action 8 -- OECD issues implementation package for CbC reporting under BEPS Action 13 – Seven more countries agree to Common Reporting Standard.
US Treasury proposes revisions to US Model Tax Treaty – Senate Finance Committee tax reform working groups deadline extended – US court disallows FTC claim under US-UK treaty for withholding tax on substitute dividend payments – DC Circuit rules retrocession agreements between foreign reinsurance companies not taxable under Section 4371 – PLR distinguishes broadcasting from motion pictures under royalties article in US tax treaty – IRS reiterates position that principles of Notice 2012-39 apply retroactively to outbound F reorg with CFC shareholder – OECD holds public consultations on Action 12 and Action 3 – OECD releases revised discussion draft on preventing artificial avoidance of PE status – OECD official takes aim at multinational tech companies.
IRS addresses Congressional concerns regarding hedge funds operating as offshore insurance companies – IRS announces plans to amend rules for claiming refunds / credits for certain withholding taxes – Regulations under IRC Section 5000C released – IRS CCA specifies when short-term loan exception under Notice 88-108 inapplicable – IRS issues 16th annual APA report – IRS releases US competent authority statistics – OECD releases BEPS Discussion Drafts under Actions 12, 3, 11 and 8.
Senate Finance Committee hearing on international tax reform reviews US patent box option – Finance Committee Chairman concerned over Obama Administration’s international tax proposals – Senate report released on ‘tax avoidance strategies’ involving derivative contracts, financial products – Fifth Circuit overturns Tax Court in BMS Software – IRS will schedule pre-filing conferences for bilateral APAs with India – IRS finalizing revenue procedures for APA program, competent authority assistance – Treasury plans to release draft updates to US Model Tax Treaty – US officials offer insights on OECD Base Erosion and Profit Shifting project.
Obama Administration’s FY 2016 Budget proposes major overhaul of US international tax system – IRS finalizes regulations under Section 909 foreign tax credit splitting events – IRS Chief Counsel memo addresses application of tax rate disparity test for foreign sales branches – IRS concludes US shareholder must increase E&P in year of Section 951(a)(1) inclusion – IRS releases competent authority agreement with Kazakhstan on treaty benefits for fiscally transparent entities – OECD addresses BEPS Actions 5, 13, and 15 – OECD holds public consultation on BEPS Action 4 on interest deductions and other financial payments.
President Obama, Republican Congressional leaders take out positions on tax reform debate -- US, India agree to framework to settle CA cases; APAs now possible -- IRS CCA 201501013 finds foreign fund engaged in US underwriting activities via US agent -- IRS launches FATCA International Data Exchange Service -- OECD holds public consultations on BEPS Actions 6, 7, and 14
Congress passes tax extenders legislation; gears up for tax reform debate -- Sen. Hatch releases "Comprehensive Tax Reform for 2015 and Beyond" -- IRS finalizes regulations on filing Form 5472 -- IRS offers FATCA relief for IGAs not yet signed -- Treasury grants another FBAR extension -- Treasury / IRS offers more thoughts on corporate inversions -- OECD releases 6 BEPS discussion drafts.
US midterm elections change tax landscape; extenders activity dominates tax agenda in lame duck -- IRS issues regulations on deficient GRAs; withdraws Directive for remedying incomplete GRAs -- IRS releases limited supplemental guidance on codified economic substance doctrine -- IRS rules back-to-back loans structured to avoid Section 956 -- OECD releases discussion draft on low value-adding intra-group services, public discussion draft on follow-up work on treaty abuse under BEPS Action 6.
Congress to return for lame-duck session; inversions and tax extenders legislation possible -- US Court of Claims lacks jurisdiction to hear taxpayer’s refund claim regarding contested foreign taxes;claim not timely under statute of limitations pursuant to ‘relation back doctrine’-- IRS releases additional guidance on economic substance -- US notifies 17 Model I jurisdictions of most favored nation option; Switzerland to negotiate Model 1 IGA.
Congress returned from August recess to debate corporate inversions, Treasury took action -- OECD releases 2014 output of BEPS Action Plan -- IRS CCA concludes accrued but unpaid interest constitutes an obligation of US person for Section 956 purposes -- IRS exempts certain holders of PFIC stock that is mark to market from Section 1298(f) filing
Congress begins August recess; concern over corporate inversions -- IRS clarifies foreign tax credit guidance under Section 901(m)to prevent abuse -- IRS updates procedures for withholding foreign partnerships and withholding foreign trusts -- IRS issues PLR on treatment of certain foreign stock under Section 7874 -- IRS rules consent fee paid on contingent payment debt instrument may result in a taxable exchange -- IRS finalizes regulations applying straddle rules to certain debt instruments -- IRS CCA addresses when late-received documentation can support portfolio interest exemption -- OECD releases report on impact of BEPS in low income countries -- OECD seeks input on collecting and analyzing data on BEPS.
Congress mulls anti-inversion action -- Proposed US-Poland treaty, Spanish tax protocol move to Senate -- Top LB&I officials announce resignation -- IRS issues foreign tax credit guidance under Section 901(m) -- Final Section 861 interest expense allocation and apportionment regs issued; address corporate partners with 10% + interest and users of FMV asset method -- Final Section 1092 mixed straddle regulations limit ability to trigger built-in gains and losses -- IRS issues instructions for Form W-8BEN-E, other forms -- IRS can notify w/holding agent of foreign taxpayer's incorrect claim of withholding tax exemption -- OECD publishes Standard of Automatic Exchange of Financial Information in Tax Matters -- OECD Council adopts 2014 update to Model Tax Treaty
Senate Foreign Relations Committee holds hearing on Spanish and Polish tax protocols -- Repatriation less likely revenue source for Highway Trust Fund -- IRS updates FATCA FFI agreement, US and China reach agreement in substance on Model 1 IGA -- BEPS dominates OECD annual tax conference in Washington -- Congressional leaders voice concern over BEPS
IRS announces 2014 and 2015 as FATCA transition years -- IRS proposed regs redefine ‘acquiring corporation’ for purposes of attributes in corporate asset reorganizations -- IRS issues competent authority stats for 2013 -- Sen. Levin introduces anti-corporate inversion legislation -- US tax treaties, protocols stall in Senate -- OECD declaration on automatic exchange of information adopted at Ministerial level -- OECD holds public discussions on hybrid mismatch arrangements, TP documentation and CbC reporting.
Tax extenders legislation update -- IRS Notice 2014-32 announces amendments to final regulations under Sections 367(a) and 367(b) -- IRS announces FATCA relief treating certain pending IGAs as in effect -- Notice 2014-31 extends PFIC active banking exception for qualifying government bonds -- US persons holding PFIC stock through exempt organizations / accounts exempt from Form 8621 filing -- IRS issues annual APA report -- Pending US tax treaties reported out of committee -- US, Hong Kong sign TIEA -- Official offers US government position on BEPS action items
President Obama releases FY 2015 Budget; includes new international tax revenue-raising proposals -- IRS postpones application of Section 871(m) regulations to specified equity-linked instruments -- IRS Notice 2014-21 provides guidance on taxation of transactions involving virtual currencies -- OECD releases BEPS discussion drafts on treaty abuse, hybrid mismatch arrangements, and digital economy -- Numerous countries commit to early adopt OECD Common Reporting Standard
House Ways and Means Committee Chairman releases comprehensive tax reform draft -- Senate Foreign Relations Committee holds treaty hearing -- Government issues more FATCA guidance -- IRS releases Transfer Pricing Roadmap -- OECD offers Common Reporting Standard, Model Competent Authority Agreement -- OECD updates BEPS action item timeline.
Congress reconvenes in January, passes "omnibus" appropriations bill -- President Obama delivers States of the Union and calls for corporate tax reform -- IRS issues temporary and proposed anti-inversion regulations -- IRS releases final FATCA Foreign Financial Institution Agreement -- IRS issues temporary and proposed PFIC regulations -- Final and proposed regulations on dividend equivalent payments on notional principal contracts and other equity-linked instruments issued -- US signs 7 FATCA intergovernmental agreements -- OECD releases draft country-by-country reporting template for comment -- OECD provides an update on the BEPS Action Plan; digital economy focus still on track
Senate Finance Committee releases international tax reform discussion draft -- House-Senate conference committee on FY '14 Budget closing in on 13 December deadline -- IRS issues new proposed APA procedures -- IRS proposes updated procedures for competent authority requests -- IRS rules on effect of Section 302(a) redemption on post-'86 E&P and foreign tax pools -- OECD holds BEPS public consultation
Update on US budget and debt crisis -- IRS rules "production" activities include "growing" activities for subpart F manufacturing exception -- US, Switzerland delay FATCA IGA for 6 months -- OECD memo seeks input on country-by-country reporting -- OECD meets with business on BEPS -- OECD issues report on encouraging innovation via tax incentives
Status update on US tax reform -- IRS opens online FATCA registration system -- US, Cayman Islands initial FATCA Model I IGA -- IRS 2013-2014 Priority Guidance Plan released -- IRS finalizes certain cost sharing regulations on determining taxable income -- US-Belgium competent authority agreement released
OECD releases base erosion and profit shifting (BEPS) action plan -- OECD releases revised Discussion Draft on the Transfer Pricing Aspects of Intangibles -- OECD White Paper on Transfer Pricing Documentation issued -- President Obama resumes call for business tax reform -- IRS revises FATCA timelines, provides other guidance -- IRS releases updated Model 1 and Model 2 FATCA IGAs -- IRS will cease granting rulings to early adopt 2006 Section 987 proposed regulations -- CTB regs to add Croatian Dionicko Drustvo to per se list corporations -- US Tax Court has jurisdiction to review cancellation of APAs under abuse of discretion standard
G8 summit calls for greater transparency with tax authorities -- OECD provides update on BEPS project -- House Ways and Means Committee hearing highlights MNCs’ use of tax havens -- Senate Finance Committee Chairman supports “clean” federal debt ceiling increase -- IRS expands automated Form 5471 penalty program to Form 5472 -- IRS retroactively applies Notice 2012-39 to outbound F reorganization -- US-Brazil TIEA is effective -- US, Japan sign FACTA “statement” -- UN launches Practical Manual on Transfer Pricing for Developing Countries
Debt talks could spur movement on US tax reform -- Senate subcommittee highlights US MNC's tax planning -- US Supreme Court rules UK windfall profits tax creditable under Section 901 -- US officials discuss OECD BEPS report -- IRS officials detail upcoming international tax guidance -- FACTA update -- OECD publishes report on Co-operative Compliance -- OECD publishes new “Draft Handbook on Transfer Pricing Risk Assessment” -- OECD issues final guidance on transfer pricing safe harbors.
Obama Administration's proposed FY 2014 Budget recycles international tax provisions -- US continues momentum on FATCA IGAs -- Tax Court applies step transaction to repatriation transactions -- Partnerships with ECTI allocable to foreign partners must file 2012 Form 8804 for any tax year beginning in 2012 -- US, Norway sign competent authority agreement
Sequester in force, federal government avoids shutdown -- IRS issues regulations on outbound asset reorganizations -- IRS concludes equity-linked debt creates straddle, requires capitalization -- NRA selling US partnership interest engaged in US trade or business had US ECI -- FATCA update -- IRS issues annual APA report -- IRS Competent Authority statistics released -- OECD releases report, "Aggressive Tax Planning Based on After-Tax Hedging"
President Obama delivers State of the Union address; sequester looms -- Ways and Means Committee Chairman releases draft proposals on tax treatment of financial products -- The Cut Unjustified Tax Loopholes Act introduced in Senate -- US and Poland sign new tax treaty -- US, Norway sign mutual agreement on fiscally transparent entities -- IRS proposes changes to rules for failure to comply with GRAs, other filings -- OECD releases report on base erosion and profit shifting
US issues final FATCA regulations -- US fiscal debate turns to sequestration -- US, Japan sign comprehensive tax protocol -- US, Spain sign amending tax protocol -- IRS issues final anti-abuse regulations under Section 304 -- Treasury grants further extension for FBAR reporting signature authority over certain foreign financial accounts -- IRS publishes revised instructions for Form 5471 -- IRS announces domestic entities not required to report interests in foreign financial assets on Form 8938 for tax years beginning before 31 December 2012 -- Noticeable increase in IRS audits of intercompany loans -- IRS closes record-high 140 APA cases in 2012
Congress approves "fiscal cliff" agreement including all tax extenders; sequestration delayed two months -- US initials FATCA agreements with Switzerland, Ireland, and Spain -- IRS expands type of Section 988 FX losses that do not trigger reportable transaction disclosure -- IRS to withdraw Industry Director Directive offering GRA flexibility -- IRS generic advice disregards securities lending transaction based on economic substance -- Tax Court disregards foreign corporation's contribution of built-in loss property to domestic subsidiary
November elections leave status quo unchanged for “fiscal cliff” talks - Treasury issues second Model FATCA Intergovernmental Agreement -- FATCA negotiations moving forward -- REIT’s Subpart F and PFIC inclusions qualify under 95% income test -- IRS releases 2012 - 2013 Business Plan
US extends certain FATCA deadlines -- Tax Court rules hybrid instrument is equity -- UN releases draft Transfer Pricing Manual for Developing Countries - OECD issues model draft provisions on "beneficial ownership," emissions permits and credits, and PEs -- EY Financial Transaction Tax moves forward
US, UK sign agreement on international tax compliance and FATCA implementation -- Congress adjourns for election; attention turns to lame duck session -- IRS issues final, temporary, and proposed regulations on integrated hedging transactions of qualifying -- Temporary regulations issued extending current treatment for notional principal contracts and non-notional principal contracts equity linked instruments -- Iraq added to list of boycott countries
Congress moves tax legislation before adjourning for August recess -- Treasury official provides guidance update -- US, Canada agree on business profits interpretation in PE context -- Draft FATCA withholding form released
Congress reviews tax reform options; territorial tax system enters presidential politics -- US Treasury releases FATCA Model Intergovernmental Agreement -- IRS Notice 2012-39: future regs coming under Section 367(d) affecting outbound transfers of intangible property in asset reorganizations -- IRS regulations clarify prior guidance on ODLs, coordinate with OFL and SLL provisions -- IRS expands PFIC active banking exception for qualifying government bonds -- IRS changes ITIN application procedures
Congress will not extend expired tax provisions as package deal; tax reform focus during "lame duck" session -- Treasury issues FATCA statements with Japan and Switzerland -- US reaches agreement on tax protocols with Japan and Spain -- IRS issues final Section 7874 regulations with bright-line substantial business activities test -- Fifth Circuit rules UK "windfall tax" creditable; split in Circuits -- US Court of Federal Claims dismisses refund suit for self-initiated Section 482 adjustment -- US Customs will accept TP adjustments if conditions met -- OECD issues proposals for revised guidance on transfer pricing of intangibles
US tax reform, 2001/2003 tax cuts, and debt limit back on the radar -- US-Chile tax treaty transmitted to Senate -- IRS finalizes rules on application of Section 1248(a) to gain under Sections 301(c)(3), 302(a) and 331(a) -- IRS modifies definition of US property for US shareholders in CFCs that make certain upfront swap payments -- New tangible property regulations have international tax implications
IRS issues final reporting regulations for bank deposit interest paid to NRAs -- US, Germany sign mutual agreement on dividend withholding regarding pension funds -- IRS issues 13th annual APA report -- Dick McAlonan named first director of new IRS Advance Pricing Agreement and Mutual Agreement Office -- IRS issues internal guidance on economic substance doctrine -- More guidance on FTC splitter rules may be delayed; Section 901(m) guidance coming before 30 June
House approves FY 2013 Budget Resolution -- Ways and Means Committee to review "tax extenders" after spring recess -- IRS issues Notice 2012-20 addressing repeal of rule allowing bearer bonds to be issued abroad
President Obama releases proposed FY 2013 Budget -- Obama Administration releases long-awaited business tax reform framework -- Congress enacts extension of payroll tax cut, expanded UI, and medical "doc fix" through 2012 -- IRS issues temporary Section 909 regulations on FTC splitter events, final Section 901 technical taxpayer rules -- US government issues proposed FATCA regulations -- IRS Notice 2012-15 revises application of Section 367(a) and (b) to Section 304
President Obama provides more details on "insourcing" proposals -- House-Senate conference committee seeks payroll tax cut, unemployment extension compromise -- US Third Circuit rules UK "windfall profits tax" not creditable -- IRS issues temporary interest allocation regulations -- New regulations issued on dividend equivalent payments under Section 871(m) -- IRS to withdraw 2007 coordinated issue paper on buy-in payments for intangible property available to CSAs -- US Customs and Border Protection moves closer to accepting transfer pricing adjustments -- IRS issues competent authority stats report for 2011
IRS issues final regulations on foreign base company sales income branch rules -- Final cost sharing regulations adopted -- US government issues final regulations on disregarded entities and conduit financing -- IRS provides advance notice of upcoming "unique reference identification" requirement for foreign entities -- IRS proposed regulations address cost basis regime for debt instruments, options -- Temporary and proposed regulations issued on Form 8938, Foreign Financial Asset Reporting -- President Obama signs temporary payroll tax cut bill; no movement on tax extenders -- Joint Senate Finance, Ways and Means Committee hearing on tax treatment of financial instruments and financial products -- Republican Senator Rob Portman to introduce corporate tax reform with territorial component
Supercommittee fails deficit agreement deadline -- More details on House Ways and Means Committee Chairman's territorial tax proposal -- Ways and Means Subcommittee on Select Revenue Measures holds hearing on territorial tax proposal -- IRS issues proposed regulations on taxation of foreign government income -- Proposed regulations clarify rules for controlling domestic shareholders to adopt, change accounting method or tax year on behalf of foreign corporation -- IRS publicly issues internal UTP guidance and procedures
Ways & Means Committee chairman releases major international tax reform proposal -- Sens. Hagan and McCain propose new tax repatriation holiday -- Senate subcommittee issues long-awaited report on effects of Section 965 repat provision -- President Obama's jobs bill, the American Jobs Act of 2011 fails to advance -- "Supercommittee" deadline looming in November -- US Customs and Border Protection considering changes affecting transfer pricing -- OECD releases proposed draft changes to Commentary on Article 5 (PE) of Model Treaty -- Taxpayer warning: “phishing” scam related to FBAR filings -- EY announces launch of Americas Tax Center
Recent US developments on the deficit, jobs, and overall economy -- Congressional "supercommitte" begins work -- IRS issues proposed rules on Section 1256 and notional principal contracts -- IRS addresses domestic corp’s insolvent foreign sub that makes CTB election to be treated as partnership -- IRS and Treasury release 2011-2012 Priority Guidance Plan -- Ninth Circuit affirms Tax Court in Samueli v. Commissioner
US budget / debt debate: where things stand -- IRS issues generic guidance on SRLY rules in DCL context -- IRS rules UK Remittance Basis Charge is a creditable tax for FTC purposes -- IRS Notice 2011-64 adds Bulgaria and Malta to list of countries eligible for reduced tax rates on dividends -- US Senate fails to take action on new US-Hungary tax treaty, protocols with Switzerland, Luxembourg -- Former Treasury Assistant Secretary for Tax Policy Michael Mundaca rejoins EY to co-lead National Tax
Deficit, debt and federal debt limit take center stage in Washington -- Treaty hearings move new Hungarian treaty, Swiss and Luxembourg tax protocols -- Final regulations issued on certain triangular reorgs involving foreign corporations -- IRS rules subpart F income qualifies under 95% REIT income test -- Section 6038D and Section 1298(f) info reporting requirements temporarily suspended -- FINCEN notice grants limited one-year extension to deadline for filing FBAR Form
Deficit, debt and federal debt limit take center stage in Washington -- Treaty hearings move new Hungarian treaty, Swiss and Luxembourg tax protocols -- Final regulations issued on certain triangular reorgs involving foreign corporations -- IRS rules subpart F income qualifies under 95% REIT income test -- Section 6038D and Section 1298(f) info reporting requirements temporarily suspended -- FINCEN notice grants limited one-year extension to deadline for filing FBAR Form
US deficit, debt, and possibility of tax reform dominate debate in Washington -- Final regulations released on treatment under Subpart F and Section 367 of leasing aircraft, vessels in foreign commerce -- New 3% withholding requirement on payments from government entities to contractors delayed -- Fifth Circuit affirms Tax Court in Container Corporation-- Senate Foreign Relations Committee to hold treaty hearing 7 June -- OECD Draft addresses term "beneficial owner"
US Congress reaches FY 2011 budget compromise, competing FY 2012 budget frameworks released -- IRS will not challenge creditability of PR excise tax -- Further FATCA info reporting and withholding guidance released -- Final Section 904(d) regulations issued -- IRS advises on valuing compensation paid for intangible property requiring further developmentIRS clarifies potential effect of transfer pricing adjustments on Section 965 foreign earnings repatriations -- Revised FBAR form and instructions released -- IRS issues 12th annual APA report -- US-Panama TIEA in effect
Budget impasse, deficits, and tax reform dominate new Congress -- New US law imposes excise tax on certain payments to foreign persons -- Final FBAR regulations released -- IRS issues FAQs on Schedule UTP
President Obama releases proposed FY 2012 Budget; re-proposes many international tax provisions -- IRS 2011 Offshore Voluntary Disclosure Initiative offers late filing for FBARs and Forms 5471 without penalties -- OECD publishes scoping paper on intangibles
Tax reform in 2011 -- New proposed regulations require info reporting of bank deposit interest to all NRA persons
US Congress enacts $857 billion tax bill, including subpart F active financing and CFC look-through extenders -- Deficit Commission releases final report -- IRS issues eagerly anticipated FTC splitter guidance under new Section 909 -- IRS / Treasury 2010-2011 Guidance Plan heavy on international tax projects -- US issues final schedule UTP regulation; non-US corporations may have obligations -- US-Canada arbitration guidance released
Congress returns to uncertain lame duck session -- US-New Zealand protocol, US treaty with Malta in force -- IRS announces nonacquiescence in Veritas cost sharing decision -- IRS modifies position on inadvertent error rule for Section 1256 contracts -- Foreign tax credit splitter guidance coming soon -- New Puerto Rico law may impact foreign companies with local manufacturing
Tax legislative update for upcoming Congressional lame-duck session -- IRS Notice 2010-65 offers relief from Section 901(l)(1) for back-to-back IP licensing, retail distribution -- Final UTP Schedule and instructions issued -- EY international tax poll finds new legislation greatest tax risk for US MNCs
President Obama signs small business bill, tax extenders on hold -- President's Economic Recovery Advisory Board releases report on tax reform options -- IRS Notice 2010-60 FATCA guidance issued -- IRS Rev. Proc. 2010-32 offers CTB relief for certain foreign entities -- US government's first guidance on recent codification of economic substance doctrine -- Final international shipping and aircraft regulations released -- Taxpayers to be allowed to appeal international penalties before paying assessment.
Far-reaching international tax legislation enacted -- President Obama signs landmark financial reform legislation -- House Ways and Means Committee holds hearing on business restructuring and transfer pricing issues -- IRS acquiesces in result only in Xilinx v. Commissioner -- IRS concedes remaining cost-sharing issue in Veritas Software case -- IRS issues welcome Industry Director Directive on GRAs -- IRS realigning, renaming LMSB division to Large Business and International division --US District Court decision highlights dispute resolution alternatives regarding foreign-initiated adjustments -- US Senate approves new US-Malta treaty, US-New Zealand tax protocol
Federal debt compromise reached -- New version of Stop Tax Haven Abuse Act introduced in Congress -- House and Senate tax-writing committees hold joint hearing on debt / equity -- IRS issues final Section 956 regulations focusing on basis -- IRS finalizes regulations on structured passive investment arrangements -- IRS Notice 2011-53 offers new timelines for FATCA -- New IRS Directive on codified economic substance doctrine -- New FAQs on Schedule UTP -- Senate Foreign Relations Committee reports out new Hungary treaty, protocols with Switzerland and Hungary
Tax extenders legislation stalled in Senate -- IRS Notice 2010-46 addresses withholding taxes for securities loans -- IRS issues industry director directive on loss importation transactions -- Government will not file petition to US Supreme Court in Xilinx v. Commissioner
Pending tax extenders legislation contains significant international tax changes -- IRS Notice 2010-41 indicates government intent to issue regulations to classify certain domestic partnerships as foreign -- US Customs approves related party pricing supported by transfer pricing study, APAs
Hire Act's "modification" to Section 6501(c)(8) could suspend statute of limitations for entire tax return for failure to file intl information forms -- Senate Foreign Relations Committee reports out proposed US-Malta tax treaty, US-NZ tax protocol -- IRS releases annual mandated APA report
Jobs bill, health care reform enacted; tax extenders and small business bills pending -- Ninth Circuit reverses earlier decision in Xilinx; sides with Tax Court -- FBAR proposed regulations,instructions issued; further guidance released
Tax legislative update and Obama Administration's international tax priorities --US multinational corporations with Venezuelan operations must adopt DASTM -- US and Hungary sign new tax treaty -- US and Chile sign first-ever income tax convention
IRS extends Notice 2008-91 60-day rule through 2010 -- Final and temporary anti-abuse regulations under Section 304 issued -- IRS rules CFC and US owner entitled to 80% DRD -- US Tax Court decision in Veritas has broad TP implications -- IRS releases industry director directive on total return swap transactions -- IRS concludes London International Financial Futures and Options Exchange is qualified -- US tax treaty developments: US-Italy treaty, US-France protocol