IRS hires staff to battle transfer pricingPosted by RJ and Makay on Mar 20, 2012 |
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The Internal Revenue Service (IRS) is cracking down on companies that shift profits from country to country to lower their tax obligations, according to a Reuters article today. The practice, known as “transfer pricing,” led the agency to hire Samuel Maruca last spring in the newly created post of transfer pricing director. To combat the practice, Maruca has brought in specialists from Big Four audit firms as well as experts from law firm Mayer Brown and boutique consultancy Horst Frisch.
New government data from the U.S. Commerce Department’s Bureau of Economic Analysis sheds light on the economic success of some states and the poor performance of others. Research data shows, on a year-over-year basis, that North Dakota, Texas and Iowa saw the largest gains in second quarter 2011 income. On a quarterly basis, Nebraska enjoyed the biggest gain.
