Uncertain Tax Positions and the "Other Shoe"

Uncertain Tax Positions and the "Other Shoe"

In January the IRS issued Announcement 2010-9, heralding the requirement that corporate taxpayers disclose to the IRS, beginning with their 2010 federal income tax return, "uncertain tax positions" in respect of which reserves have been established for financial accounting purposes. In its...

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Veröffentlicht in:Corporate Business Taxation Monthly 2010-09, Vol.11 (12), p.17
1. Verfasser: Lee, Carolyn Joy
Format: Artikel
Sprache:eng
Schlagworte:
Accounting
Advisors
Compliance
Corporate income tax
Disclosure
FASB Interpretations
Interpretation 48
Reporting requirements
State taxes
Tax returns
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Beschreibung
Zusammenfassung:In January the IRS issued Announcement 2010-9, heralding the requirement that corporate taxpayers disclose to the IRS, beginning with their 2010 federal income tax return, "uncertain tax positions" in respect of which reserves have been established for financial accounting purposes. In its most recent, and increasingly controversial guidance, issued in April, 5 the IRS has formalized the disclosure proposal by proposing a specific form (and instructions) on which taxpayers will disclose uncertain tax positions.
ISSN:1528-5294