US IRS official reemphasizes IRS focus on penalties in transfer pricing cases

At a 20 September 2022 seminar hosted by the Tax Executives Institute (TEI), an Internal Revenue Service (IRS) official commented on the IRS's focus on applying Internal Revenue Code Section 6662 penalties in transfer pricing cases where appropriate.

The IRS continues to seek to improve the quality of transfer pricing documentation it receives from taxpayers.

Taxpayers should consider revisiting the status of their transfer pricing documentation.