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Transfer Pricing Issues Top IRS’s Latest Priority Guidance Plan

January 12, 2022

Transfer pricing issues affecting cross-border taxation took center stage in the Internal Revenue Service (IRS) and Treasury’s 2021-2022 Priority Guidance Plan (Plan). The Plan identifies and prioritizes tax issues the IRS and Treasury will address via revenue rulings, revenue procedures, notices, and other published administrative guidance. One of the Plan’s priorities involves updating guidance regarding the procedures for requesting and obtaining advance pricing agreements (APAs) and the execution of APAs. As APAs generally involve one or more taxpayers and one or more tax authorities, it’s important to consult international guides that address essential aspects of transfer pricing law and policy.

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Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

  • Tax Key Legal Developments Tracker (Federal)
    Stay informed on new developments: 
    • Business Entities
      IRS notifies taxpayers regarding the standard mileage rates to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving purposes in 2022. The standard mileage rate for transportation or travel expenses rises to 58.5 cents per mile for all miles of business use (i.e., the business standard mileage rate). I.R.S. Notice 2022-03.

      IRS reminds employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022. IR-2021-256.


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