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The IRS Advance Pricing and Mutual Agreement Program (APMA) on March 27 issued its 24th Annual Statutory Report (the report) concerning Advance Pricing Agreements (APAs). The Report observes that during calendar year 2022, APMA completed substantially fewer APAs than in 2021, with a slight increase in processing times. A total of 77 APAs were executed in 2022 as compared to 124 APAs executed in 2021. For APAs completed in 2022, the average processing time was 42.0 months, a slight increase from the prior-year average of 39.2 months.  

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