Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
North Carolina’s Transfer Pricing Initiative nets $100 million: Will other states follow? The North Carolina Voluntary Corporate Transfer Pricing Resolution Initiative (Initiative) allowed qualifying corporate taxpayers to settle transfer pricing disputes with the North Carolina Department of Revenue (Department) between August 1, 2020 and December 1, 2020, without penalties for all open tax periods. During the Initiative the Department collected almost $100 million in disputed corporate income taxes.
This Multistate Tax Alert reviews the Initiative and discusses whether other states may choose to follow North Carolina. [Issued: March 4, 2021] More
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