Ernst & Young Its Washington Dispatch

IRS issues final regulations on foreign base company sales income branch rules -- Final cost sharing regulations adopted -- US government issues final regulations on disregarded entities and conduit financing -- IRS provides advance notice of upcoming "unique reference identification" requirement for foreign entities -- IRS proposed regulations address cost basis regime for debt instruments, options -- Temporary and proposed regulations issued on Form 8938, Foreign Financial Asset Reporting -- President Obama signs temporary payroll tax cut bill; no movement on tax extenders -- Joint Senate Finance, Ways and Means Committee hearing on tax treatment of financial instruments and financial products -- Republican Senator Rob Portman to introduce corporate tax reform with territorial component