Legal Alert: MTC Seeks More Bucks Using Transfer Pricing Audits


The Multistate Tax Commission plans to announce that they are accelerating their development of a transfer pricing audit program by soliciting the assistance of Dan Bucks, the former MTC Executive Director and Montana Director of Revenue. New Jersey recently asked the MTC to consider hiring transfer pricing auditors to assist in its Joint Audit Program and to help states with complex transfer pricing audits. The MTC subsequently reached out to states to gauge interest and possible funding. Nine states have already expressed interest in funding the cost of obtaining the additional expertise. Interestingly, the list of interested states includes both separate return states and combined reporting states. Bucks has been tasked with leading a “working group” to explore the MTC’s options for transfer pricing audits. The MTC currently has 21 open income tax audits and closed only two audits through the first half of the 2014 fiscal year, which ends June 30, 2014. Adding another layer of complexity from transfer pricing audits likely will not improve the MTC’s audit timeliness without adding significant additional resources. Sutherland’s SALT Team will monitor the MTC’s transfer pricing efforts.

Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sutherland Asbill & Brennan LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.