Lawyer Article
Procedural Rules for Claiming Set-offs Continue to Emphasize the Importance of Maintaining Contemporaneous Documentation
September 23, 2005
This article is reprinted with the publisher’s permission from the TAXES-THE TAX MAGAZINE, a monthly journal published by CCH INCORPORATED.
Abstract
Recently, the IRS issued Rev. Proc. 2005-461 updating the procedural rules pursuant to which taxpayers facing proposed transfer-pricing allocations under Code Sec. 4822 (“Code Sec. 482 Adjustments”) may claim set-offs. The updated rules are quite similar to the procedural rules that governed the claiming of set-offs prior to the issuance of Rev. Proc 2005-463 and continue to emphasize the importance of both filing with the IRS4 a timely, complete and proper written notice of the basis for the claimed set-offs and maintaining contemporaneous documentation with respect to all controlled transactions.
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This document is intended as an informational reminder and does not constitute legal advice. If you have any questions or would like to discuss a particular situation, please contact Womble Carlyle Sandridge & Rice, LLP. The purpose of this article is to provide general information about significant legal developments and should not be construed as legal advice on any specific facts and circumstances.