IRS presses Large Corporations for Greater Disclosure


It is a proposed revision of a current tax practice that has got executives of large corporations sweating under the collar. Every year, the current practice is for large corporations to detail to the IRS any tax amounts they may have avoided paying due to questionable accounting methods. These corporations even have to set aside a sum of money to pay for a shortfall of their taxes if an audit proves they owe more than they have paid.

However, if the IRS fails to uncover the exact questionable tax position of the corporations within the 3-year statute of limitations period, then whatever taxes that were not paid cannot be collected anymore.

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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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