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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 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.

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.

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.

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.

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

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

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.

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"

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.

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

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.

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