Partners Bart Bassett and Tom Linguanti spoke with Bloomberg Law about a push by the US Internal Revenue Service (IRS) to step up scrutiny of transfer pricing practices of foreign-owned goods distributors. The agency’s efforts include sending out hundreds of letters to foreign-owned companies operating in the United States to encourage self-correction.
Tom discussed the importance of working with the IRS to ensure transfer pricing documentation is up to date.
“By having that kind of collaborative conversation you can be proactive about documentation that you have and documentation perhaps you don’t have, and be able to give the IRS what they need,” Tom said.
Bart talked about the importance of being proactive in communicating facts to the IRS.
“You want to be a good partner and come to the table and be able to help them do their job and resolve the issue in an efficient manner,” Bart said.
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