EY ITTS Washington Dispatch, September 2021

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.