Ernst & Young Its Washington Dispatch

Supercommittee fails deficit agreement deadline -- More details on House Ways and Means Committee Chairman's territorial tax proposal -- Ways and Means Subcommittee on Select Revenue Measures holds hearing on territorial tax proposal -- IRS issues proposed regulations on taxation of foreign government income -- Proposed regulations clarify rules for controlling domestic shareholders to adopt, change accounting method or tax year on behalf of foreign corporation -- IRS publicly issues internal UTP guidance and procedures