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• W327630054 abstract "The IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (see Announcement 2010-75 at tinyurl.com/33h3sdu and Announcement 2010-76 at tinyurl.com/ 39kg692). The changes, released in September, come in response to numerous comments received on the proposal and on the draft form (Schedule UTP) and instructions, which were released in April. Along with the announcements, the IRS released a final Schedule UTP (tinyurl. com/32wtTz6), Uncertain Tax Position Statement, and instructions (tinyurl.com/388vmg9). As originally proposed (Announcement 2010-9), the schedule would require: (1) A concise description of each uncertain tax position for which the taxpayer or a related entity has recorded a reserve in its financial statements; and (2) The maximum amount of potential federal tax liability attributable to each uncertain tax position (determined without regard to the taxpayer's risk analysis regarding its likelihood of prevailing on the merits). According to the IRS, many commentators expressed concerns about how the IRS would use the reported information, about how the new reporting requirement would affect the IRS' existing policy of restraint, about the reporting requirement's burden on affected corporations, and about how the reporting requirement would affect the relationship between corporations and the IRS or between corporations and their advisers or independent auditors. Some commentators questioned the IRS' authority to require reporting of uncertain tax positions with the corporation's tax return. The AICPA previously raised numerous concerns and made many specific recommendations regarding the IRS' original proposal in a comment letter on June 1, 2010. The AICPA urged the IRS to improve the use and management of the significant amount of disclosed information it already possesses. If the IRS went forward with the proposal, the AICPA recommended that the filing threshold be significantly elevated to exempt many small businesses. The AICPA also recommended that the IRS pilot the proposed uncertain tax position program and reserve judgment about its expansion until it could evaluate the consequences. [ILLUSTRATION OMITTED] The major change the IRS made in response to the comments received from the AICPA and others were: * A five-year phase-in of the reporting requirement based on a corporation's asset size; * No reporting of a maximum tax adjustment; * No reporting of the rationale and nature of uncertainty in the concise description of the position; and * No reporting of administrative practice tax positions. The IRS also made numerous other changes and clarifications. FIVE-YEAR PHASE-IN The draft release of Schedule UTP narrowed the initial filing requirement to corporations that issued audited financial statements and file Form 1120, U.S. Corporation Income Tax Return; Form 1120-F, U.S. Income Tax Return of a Foreign Corporation; Form 1120-L, U.S. Life Insurance Company Income Tax Return; or Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return. In Announcement 2010-75, the IRS retains the filing requirement for taxpayers required to file the previously identified list of federal tax forms, but institutes a five-year phase-in of the requirement for corporations with assets under $100 million. Corporations with total assets of $100 million or more must file Schedule UTP starting with 2010 tax years. Starting with 2012 tax years, the total asset threshold will be reduced to $50 million. Starting with 2014 tax years, the threshold will be reduced to $10 million. The IRS stated that it will consider whether to extend the Schedule UTP reporting requirement to other taxpayers--such as pass-through entities or tax-exempt organizations--for 2011 or later tax years. No REPORTING OF A MAXIMUM TAX ADJUSTMENT The draft schedule and instructions proposed that the corporation report a maximum tax adjustment for tax position listed on the schedule, other than transfer pricing and other valuation positions. …" @default.
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• W327630054 date "2010-11-01" @default.
• W327630054 modified "2023-09-26" @default.
• W327630054 title "IRS Amends Plan for Uncertain Tax Positions: Reporting Requirement to Be Phased in; Maximum Tax Adjustment Disclosure No Longer Required" @default.
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