The number of advance tax deals finalized with the IRS on intercompany transactions surged in 2023, although new applications for the agreements fell, the IRS reported Friday.
Companies finalized 156 advance pricing agreements with the IRS in 2023, up from 77 in 2022, according to the annual report of the agency’s Advance Pricing and Mutual Agreement Program.
John Wall, the program’s acting director, said earlier this month that 2023 was “probably the best year as far as closing APAs ever,” bouncing back from effects of the Covid-19 pandemic.
Companies filed 167 new applications with the IRS for APAs in 2023, ...
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