EY ITTS Washington Dispatch, May 2022

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.