Today the Joint Committee on Taxation released a report on the background and implications of the OECD/G20 base erosion and profit shifting project in advance of tomorrow’s hearings before the Subcommittee on Tax Policy of the House Ways and Means Committee and the Senate Committee on Finance.  The report discusses the possible implications of the project for US multinationals, including potential reform of rules for transfer pricing, controlled foreign corporations, and interest deductibility.