ITS Washington Dispatch, December 2017

US enacts comprehensive tax reform; revamps international tax rules -- Tax accounting among top issues following enactment of US tax reform -- EU officials reviewing US international tax reform measures -- IRS issues guidance on transition tax on foreign earnings -- IRS proposed regulations may alleviate foreign currency tax asymmetries for CFCs, provide new mark-to-market election for certain FX transactions -- IRS suspends withholding obligations under TCJA’s new Section 1446(f) -- IRS issues proposed regulations on international rules under BBA partnership audit regime -- OECD releases second batch of peer review report on BEPS Action 14 -- OECD releases first annual peer review report on BEPS Action 5 -- OECD invites taxpayer input on fourth batch of peer reviews of BEPS Action 14