IRS Says Funding Too Low To Heed Transfer Pricing Advice
Law360, New York (November 4, 2016, 7:28 PM EDT) -- The IRS lacks the resources to enforce anti-tax-avoidance measures targeted at offshore transfer pricing schemes, the agency has said in response to a watchdog report on the subject.
The revenue agency agreed with many of the recommendations offered in a September report by the U.S. Treasury Inspector General for Tax Administration for improving the IRS' efforts on transfer pricing issues, which allow multinationals to concentrate their reported revenues in low-tax countries. But in a response included in the report, the IRS claimed that decreased funding makes implementation of data management practices recommended by the report unfeasible and creates barrier to identifying...
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