Ernst & Young Its Washington Dispatch

US Congress reaches FY 2011 budget compromise, competing FY 2012 budget frameworks released -- IRS will not challenge creditability of PR excise tax -- Further FATCA info reporting and withholding guidance released -- Final Section 904(d) regulations issued -- IRS advises on valuing compensation paid for intangible property requiring further developmentIRS clarifies potential effect of transfer pricing adjustments on Section 965 foreign earnings repatriations -- Revised FBAR form and instructions released -- IRS issues 12th annual APA report -- US-Panama TIEA in effect