Congress begins August recess; concern over corporate inversions -- IRS clarifies foreign tax credit guidance under Section 901(m)to prevent abuse -- IRS updates procedures for withholding foreign partnerships and withholding foreign trusts -- IRS issues PLR on treatment of certain foreign stock under Section 7874 -- IRS rules consent fee paid on contingent payment debt instrument may result in a taxable exchange -- IRS finalizes regulations applying straddle rules to certain debt instruments -- IRS CCA addresses when late-received documentation can support portfolio interest exemption -- OECD releases report on impact of BEPS in low income countries -- OECD seeks input on collecting and analyzing data on BEPS.

Congress mulls anti-inversion action -- Proposed US-Poland treaty, Spanish tax protocol move to Senate -- Top LB&I officials announce resignation -- IRS issues foreign tax credit guidance under Section 901(m) -- Final Section 861 interest expense allocation and apportionment regs issued; address corporate partners with 10% + interest and users of FMV asset method -- Final Section 1092 mixed straddle regulations limit ability to trigger built-in gains and losses -- IRS issues instructions for Form W-8BEN-E, other forms -- IRS can notify w/holding agent of foreign taxpayer's incorrect claim of withholding tax exemption -- OECD publishes Standard of Automatic Exchange of Financial Information in Tax Matters -- OECD Council adopts 2014 update to Model Tax Treaty

Senate Foreign Relations Committee holds hearing on Spanish and Polish tax protocols -- Repatriation less likely revenue source for Highway Trust Fund -- IRS updates FATCA FFI agreement, US and China reach agreement in substance on Model 1 IGA -- BEPS dominates OECD annual tax conference in Washington -- Congressional leaders voice concern over BEPS

IRS announces 2014 and 2015 as FATCA transition years -- IRS proposed regs redefine ‘acquiring corporation’ for purposes of attributes in corporate asset reorganizations -- IRS issues competent authority stats for 2013 -- Sen. Levin introduces anti-corporate inversion legislation -- US tax treaties, protocols stall in Senate -- OECD declaration on automatic exchange of information adopted at Ministerial level -- OECD holds public discussions on hybrid mismatch arrangements, TP documentation and CbC reporting.

Tax extenders legislation update -- IRS Notice 2014-32 announces amendments to final regulations under Sections 367(a) and 367(b) -- IRS announces FATCA relief treating certain pending IGAs as in effect -- Notice 2014-31 extends PFIC active banking exception for qualifying government bonds -- US persons holding PFIC stock through exempt organizations / accounts exempt from Form 8621 filing -- IRS issues annual APA report -- Pending US tax treaties reported out of committee -- US, Hong Kong sign TIEA -- Official offers US government position on BEPS action items

President Obama releases FY 2015 Budget; includes new international tax revenue-raising proposals -- IRS postpones application of Section 871(m) regulations to specified equity-linked instruments -- IRS Notice 2014-21 provides guidance on taxation of transactions involving virtual currencies -- OECD releases BEPS discussion drafts on treaty abuse, hybrid mismatch arrangements, and digital economy -- Numerous countries commit to early adopt OECD Common Reporting Standard

House Ways and Means Committee Chairman releases comprehensive tax reform draft -- Senate Foreign Relations Committee holds treaty hearing -- Government issues more FATCA guidance -- IRS releases Transfer Pricing Roadmap -- OECD offers Common Reporting Standard, Model Competent Authority Agreement -- OECD updates BEPS action item timeline.

Congress reconvenes in January, passes "omnibus" appropriations bill -- President Obama delivers States of the Union and calls for corporate tax reform -- IRS issues temporary and proposed anti-inversion regulations -- IRS releases final FATCA Foreign Financial Institution Agreement -- IRS issues temporary and proposed PFIC regulations -- Final and proposed regulations on dividend equivalent payments on notional principal contracts and other equity-linked instruments issued -- US signs 7 FATCA intergovernmental agreements -- OECD releases draft country-by-country reporting template for comment -- OECD provides an update on the BEPS Action Plan; digital economy focus still on track

Senate Finance Committee releases international tax reform discussion draft -- House-Senate conference committee on FY '14 Budget closing in on 13 December deadline -- IRS issues new proposed APA procedures -- IRS proposes updated procedures for competent authority requests -- IRS rules on effect of Section 302(a) redemption on post-'86 E&P and foreign tax pools -- OECD holds BEPS public consultation

Update on US budget and debt crisis -- IRS rules "production" activities include "growing" activities for subpart F manufacturing exception -- US, Switzerland delay FATCA IGA for 6 months -- OECD memo seeks input on country-by-country reporting -- OECD meets with business on BEPS -- OECD issues report on encouraging innovation via tax incentives