More hiring and putting the Covid-19 pandemic in the rear-view mirror are paying off for the IRS unit that handles companies’ advance tax deals on intercompany transactions.
Completed advance pricing agreements, or APAs, more than doubled last year, according to newly released IRS data. The agency also got APAs completed a little more quickly and trimmed its backlog of pending agreements, as the staff that works on them jumped by 17% and was able to return to in-person negotiations on the agreements post-pandemic, practitioners said.
The IRS is doing at least a little better at speeding the APA process ...
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