By Bernie Becker - 08/04/14 10:45 AM EDT
Covington and Burling has snagged a senior IRS official to help bolster its corporate tax practice, the firm announced Monday.
“I believe I can help the firm position itself as a global trouble-shooter and risk manager for multinational enterprises, wherever they may be headquartered or doing business,” Maruca said in a statement.
Transfer pricing is among the more controversial tax tactics employed by multinational corporations. Under the maneuver, multinationals can shift assets from subsidiaries in higher-tax nations like the U.S. to subsidiaries in low-tax countries, slashing their tax bill in the process.
For the last three years, Maruca has been the director of transfer pricing operations in the IRS’s Large Business and International Division. His departure is one of several recent exits from the agency’s large business division.
“He adds another dimension to our regulatory and risk management strategy, and a timely one given the growing importance of transfer pricing to multinational corporations and governments,” Timothy Hester, the chairman of Covington’s management committee, said about Maruca.