EY Cross-Border Taxation Alerts
News:Business News
EY Cross-Border Taxation Spotlight for Week ending 20 May 2022
A review of the week's major US international tax-related news. In this edition: US House leaders hope to pass “China competitiveness” bill before 4 July recess – Senate introduces bill to disallow foreign tax credits (FTCs) for taxes paid to Russia or Belarus – Treasury, IRS considering changes to FTC regulations – IRS proposed Section 1256 regulations on FX contracts set for release in coming weeks, Section 987 rules to follow – IRS issues GLAM on allocation and apportionment of deferred compensation expense for FDII deductions, reverses prior guidance – Treasury, OECD officials offer BEPS 2.0 insights.
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