The Internal Revenue Service has issued Announcement 2010-30 together with a new proposed “Schedule UTP — Uncertain Tax Position Statement” on which most large corporations will be required to disclose and describe “uncertain tax positions” that affect their federal income tax liability. This new disclosure requirement is intended to improve taxpayer compliance by essentially providing the IRS with a road map for its examination of otherwise hidden tax issues and opaque transactions.
A corporation must file Schedule UTP with its income tax return if any of the following apply:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
