Ernst & Young Its Washington Dispatch

Federal debt compromise reached -- New version of Stop Tax Haven Abuse Act introduced in Congress -- House and Senate tax-writing committees hold joint hearing on debt / equity -- IRS issues final Section 956 regulations focusing on basis -- IRS finalizes regulations on structured passive investment arrangements -- IRS Notice 2011-53 offers new timelines for FATCA -- New IRS Directive on codified economic substance doctrine -- New FAQs on Schedule UTP -- Senate Foreign Relations Committee reports out new Hungary treaty, protocols with Switzerland and Hungary