EY Cross-Border Taxation Spotlight for Week ending 18 October 2024

A review of the week's major US international tax-related news. In this edition:  Congress out of session until mid-November despite calls to reconvene and pass necessary funding measures – Upcoming election too close to predict for both presidential and congressional races – 2024 Annual Meetings of the IMF and World Bank Group to take place in Washington next week – IRS releases AM 2024-002 addressing application of Section 246(b) limitation to deductions under Sections 243, 245 and 250 – Italy and France propose changes to their digital services taxes, potentially increasing tax burdens on technology companies.