Bennett Thrasher, one of the nation’s largest and fastest-growing certified public accounting and consulting firms, announces the promotions of Tim Brunelle and Chris Roane to partnership. Brunelle and Roane provide consulting and advisory services in the firm’s Tax and Dispute Resolution & Forensics practices.
What is Transfer Pricing? Transfer pricing is a financial and tax accounting practice that determines the prices at which related entities within a corporate group transact with each other for…
On October 20, 2023, the Internal Revenue Service (“IRS”) announced the launch of a three-pronged corporate tax compliance initiative as part of the Inflation Reduction Act of 2022 with the…
Transfer pricing is a financial and tax accounting practice that determines the prices at which related entities within a multinational corporation transact with each other for goods, services, or intangibles. These transactions can significantly impact a company’s financial statements, tax liabilities, and compliance with tax regulations in different jurisdictions.
Brazil continues to move forward with the legislative steps needed to align Brazil’s transfer pricing regulatory framework with the Organization for Economic Cooperation and Development’s (OECD). Bennett Thrasher’s transfer pricing practice can help evaluate whether your business will benefit from adopting Brazil’s new transfer pricing rules in 2023 or 2024 and support your transaction when the time is right. Learn more.
The IRS’s Large Business & International Division is focused on putting a stop to multinational corporations that use non-arm’s length transfer pricing to lower their tax bill by illegally shifting profits to tax jurisdictions with relatively lower tax rates.
On May 31, the Organization for Economic Co-operation and Development (“OECD”) issued a proposed approach to addressing challenges arising from the digitalization of the economy (the “Program of Work”). If it reaches consensus, the Program of Work could change “how taxing rights on income generated from cross-border activities in the digital age should be allocated among countries.”
On April 16, 2019, the IRS Large Business and International (LB&I) division announced the approval of three new compliance campaigns. All three new campaigns relate to offshore activities of U.S. taxpayers, with one campaign focusing on profits reported by offshore captive services companies.
On June 29, 2018, the Internal Revenue Service (“IRS”) released Publication 5300 (06‑2018), Transfer Pricing Examination Process (“TPEP”), a 37-page document intended to guide IRS agents in the planning, execution and resolution of transfer pricing examinations (“TP Audits”).