FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W753330868> ?p ?o ?g. }

• W753330868 startingPage "92" @default.
• W753330868 abstract "The need to file UTP, Uncertain Tax Position Statement, may have taken many corporate taxpayers by surprise in 2014, since the asset threshold for compliance was lowered from $50 million to $10 million. In addition, the final UTP regulations issued in December 2010 (Regs. Sec. 1.6012-2(a)(4), T.D. 9510) fell short of resolving the concerns of many commentators that filing a UTP causes a waiver of the attorney-client privilege, the Sec. 7525 tax adviser privilege, or the work product doctrine. Provisions relating to the assertion of privilege were not included in the regulation. SCHEDULE UTP TRENDS Surprisingly, the number of UTP filers and number of reported positions were both lower in tax year 2013 compared with the three previous years (see IRS UTP Filing Statistics, available at tinyurl.com/d92o731). Not surprisingly, the most typical UTPs in all years have to do with the Sec. 41 research and development credit and Sec. 482 transfer pricing, with Sec. 263 (capitalization) and Sec. 199 (domestic production activities) tied for third place in terms of the substantive areas being reported. Many UTPs in the past four years also involved Sec. 162 (business expenses) issues. When the initial draft UTP was released in 2010, passthrough and tax-exempt entities were excused from filing. However, the IRS has not modified its position that it will consider expanding the filing requirement to include passthrough entities (see Announcement 2010-75). SCHEDULE UTP DISCLOSURE MECHANICS Now that the phase-in period under the UTP regulations has ended and the UTP reporting threshold has dropped, tax practitioners are struggling more than ever with the mechanics of filing UTP while preserving the privileged status of workpapers and tax positions. Until Congress acts or the courts resolve these issues, it is unclear whether filing a UTP will cause the waiver of a privilege. Consequently, tax practitioners considering whether to file a UTP should make sure they thoroughly understand the reporting requirements under the UTP regulations and file only if absolutely necessary and only in the required form and content of disclosure. UTP reporting is required of all corporations that prepare or issue audited financial statements, that have assets equal to or exceeding $10 million, that have taken a tax position on their U.S. federal income tax return for the current or a prior tax year, and either: * Recorded a reserve with respect to the tax position for U.S. federal income tax, interest, or penalty; or * Did not record a reserve for a tax position for which litigation is anticipated. A corporation expects to litigate a position if it determines that the probability of settling with the IRS is less than 50% and that under applicable accounting standards (GAAP, IFRS, etc.), no reserve was recorded because the corporation determines it is more likely than not to prevail on the merits in litigation (see also Schedule UTP: The Early Returns Are In, JofA, Nov. 2012, page 54). If it is determined that the corporation is required to file a UTP, the tax practitioner should pay particular attention to Part III, which requires a concise description of all UTPs identified in Parts I and II of the schedule. It is a description of the relevant facts affecting the tax treatment of the position and information that reasonably can be expected to apprise the IRS of the identity of the tax position and the nature of the issue. …" @default.
• W753330868 created "2016-06-24" @default.
• W753330868 creator A5007868779 @default.
• W753330868 date "2015-04-01" @default.
• W753330868 modified "2023-09-27" @default.
• W753330868 title "Tax Practice Responsibilities Involved in Schedule UTP" @default.
• W753330868 hasPublicationYear "2015" @default.
• W753330868 type Work @default.
• W753330868 sameAs 753330868 @default.
• W753330868 citedByCount "0" @default.
• W753330868 crossrefType "journal-article" @default.
• W753330868 hasAuthorship W753330868A5007868779 @default.
• W753330868 hasConcept C10138342 @default.
• W753330868 hasConcept C121955636 @default.
• W753330868 hasConcept C144133560 @default.
• W753330868 hasConcept C162324750 @default.
• W753330868 hasConcept C17744445 @default.
• W753330868 hasConcept C199539241 @default.
• W753330868 hasConcept C2777543875 @default.
• W753330868 hasConcept C2780138299 @default.
• W753330868 hasConceptScore W753330868C10138342 @default.
• W753330868 hasConceptScore W753330868C121955636 @default.
• W753330868 hasConceptScore W753330868C144133560 @default.
• W753330868 hasConceptScore W753330868C162324750 @default.
• W753330868 hasConceptScore W753330868C17744445 @default.
• W753330868 hasConceptScore W753330868C199539241 @default.
• W753330868 hasConceptScore W753330868C2777543875 @default.
• W753330868 hasConceptScore W753330868C2780138299 @default.
• W753330868 hasIssue "4" @default.
• W753330868 hasLocation W7533308681 @default.
• W753330868 hasOpenAccess W753330868 @default.
• W753330868 hasPrimaryLocation W7533308681 @default.
• W753330868 hasRelatedWork W102830692 @default.
• W753330868 hasRelatedWork W1559747219 @default.
• W753330868 hasRelatedWork W1582681234 @default.
• W753330868 hasRelatedWork W1586099097 @default.
• W753330868 hasRelatedWork W1587700148 @default.
• W753330868 hasRelatedWork W268620787 @default.
• W753330868 hasRelatedWork W271170257 @default.
• W753330868 hasRelatedWork W278003608 @default.
• W753330868 hasRelatedWork W2993283296 @default.
• W753330868 hasRelatedWork W2994267466 @default.
• W753330868 hasRelatedWork W3012060010 @default.
• W753330868 hasRelatedWork W3123287830 @default.
• W753330868 hasRelatedWork W327630054 @default.
• W753330868 hasRelatedWork W38365726 @default.
• W753330868 hasRelatedWork W73543415 @default.
• W753330868 hasRelatedWork W754004630 @default.
• W753330868 hasRelatedWork W83051620 @default.
• W753330868 hasRelatedWork W87078144 @default.
• W753330868 hasRelatedWork W2298560324 @default.
• W753330868 hasRelatedWork W2994463698 @default.
• W753330868 hasVolume "219" @default.
• W753330868 isParatext "false" @default.
• W753330868 isRetracted "false" @default.
• W753330868 magId "753330868" @default.
• W753330868 workType "article" @default.