On 14 February 2014 a Transfer Pricing Audit Roadmap was issued by the Large Business and International (LB&I) division of the IRS. This sets out the procedures in relation to the conduct of a transfer pricing audit and the timeline to follow. The Roadmap is designed to assist tax auditors and taxpayers to resolve issues efficiently and ensure that matters arising can be settled while the audit is taking place, without the need for an appeal procedure. The Roadmap gives taxpayers an insight into the procedures and gives the auditors a work plan. It does not however amount to official guidance but is a working document to be used practically in planning audits.
«
US: BEPS to Compound Global Tax Risks
Related Posts
US: Treasury, IRS clarify stance on OECD’s simplified transfer pricing rules
The US Treasury Department and the Internal Revenue Service (IRS) released Notice 2025-04, “Application of the Simplified and Streamlined Approach under Section 482”, on 18 December 2024, clarifying the US government’s stance on using the
Read MoreUS: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
Read MoreUS: IRS enhances business tax account (BTA) with new features for corporate officials
The US Internal Revenue (IRS) in a release (FS-2024-31) has announced the expansion of its Business Tax Account (BTA), a convenient online self-service tool, to include C corporations on 12 December 2024. This expansion allows designated
Read MoreUS: Treasury and IRS finalise rules on QBU taxable income and foreign currency gains
The US Department of Treasury and Internal Revenue Service (IRS) has released final and proposed regulations on 11 December 2024 under Section 987. These regulations address the calculation of taxable income or loss and foreign currency gains or
Read MoreUS: Louisiana adopts flat income tax rates, ends corporation franchise tax
The Governor of Louisiana signed multiple tax reform bills into law on 4 December 2024, marking a significant tax reform in the state. The state is determined to eliminate uncompetitive taxes like the franchise and inventory taxes, and broaden tax
Read MoreUS: Rep. Ami Bera leads bipartisan push for Taiwan double taxation relief
The US Representative Ami Bera, M.D. (D-CA-06), Ranking Member of the House Foreign Affairs Subcommittee on the Indo-Pacific and Co-Chair of the Congressional Taiwan Caucus, and Rep. Andy Barr (R-KY-06), Co-Chair of the Congressional Taiwan Caucus
Read More