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The IRS Advance Pricing and Mutual Agreement Program (APMA) on March 22 issued its 23rd Annual Statutory Report (the Report) concerning Advance Pricing Agreements (APAs). The Report observes that during calendar year 2021, APMA completed almost the same number of APAs as those completed in 2020, without significant increase in processing times. A total of 124 APAs were executed in 2021 as compared to 127 APAs executed in 2020. For APAs completed in 2021, the average processing time was 39.2 months, a slight increase from the prior year’s average of 38.5 months. 

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