Ernst & Young Its Washington Dispatch

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