Planning Notes International - August 6, 2010 - IRS Implements New Corporate "Audit Me" Disclosure Requirement

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In February, the IRS announced its intent to require certain corporate taxpayers to report “uncertain tax positions” (“UTP”) as part of their income tax returns beginning with the 2010 tax year.1 In April, the IRS released for public comment its draft of Schedule UTP and the related instructions for completing the form.2 The comment period ended on June 1, 2010, and the final form and instructions could be issued at any time.

Generally, reporting will be required beginning with the 2010 tax year.

Please see full article below for more information.

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Published In: Business Organization Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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