Corporations Required to Report Uncertain Tax Positions

June 14, 2010Articles New Jersey Law Journal
The IRS has recently issued Announcement 2010-30 in conjuncture with a new proposed “Schedule UTP—Uncertain Tax Position Statement” to improve taxpayer compliance by providing the IRS with an easier method for examining otherwise hidden tax issues. The Schedule UTP will require most large corporations to disclose “uncertain tax positions” that will affect their federal income tax liability. Schedule UTP is the IRS’ most recent attempt to impose higher disclosure standards.