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 ..read more

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 treat ..read more

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 Tw ..read more

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 broad ..read more

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 regula ..read more

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 si ..read more

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 internat ..read more

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 ..read more

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 intro ..read more

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 can ..read more