Daily Tax Update - March 25, 2013: IRS Releases Report on APAs and New APMA Program

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS APRIL 9 

IRS RELEASES REPORT ON APAs AND NEW APMA PROGRAM:  Today, the IRS released its annual public report concerning Advance Pricing Agreements (APAs).  The report describes the new Advance Pricing and Mutual Agreement (APMA) Program created in 2012 from the combination of the APA Program and the Office of the U.S. Competent Authority staff responsible for transfer pricing cases under treaty mutual agreement procedures.  The report highlights efficiency gains realized from the new APMA Program, including an increase in the number of APAs executed (from 42 in 2011 to 140 in 2012) and a reduction in average time to complete an APA (from 40.7 months in 2011 to 39.8 months in 2012).  The report also states that the APMA Program expects to release in 2013 new revenue procedures governing both APA and Mutual Agreement Procedure (MAP) applications. 

The report, released as Announcement 2013-17, may be accessed at Announcement 2013-17

MISCELLANEOUS GUIDANCE RELEASED:
Notice 2013-22 invites the public to submit recommendations for items that should be included on the 2013-2014 Guidance Priority List.

The 2012 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2011, to Sept. 30, 2012, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others.