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March 29, 2024

IRS issues annual APA report for 2023 showing significant increase in number of APAs completed

The IRS Advance Pricing and Mutual Agreement (APMA) Program has issued the 25th annual Advance Pricing Agreement (APA) report in Announcement 2024-16. The number of completed APAs increased significantly in 2023 to 156 (from 77 in 2022). Additionally, the time to complete a new bilateral APA fell from 53 months (both average and median) in 2022 to 50 months (average) and 49.9 months (median). A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor