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- Title
IRS Additional Guidance On Uncertain Tax Positions Still Concerns Financial Executives.
- Authors
Wei, Ronald
- Abstract
This article deals with the additional guidance issued by the U.S. Internal Revenue Service (IRS) on its Schedule Uncertain Tax Position (UTP) Statement. According to the IRS, certain firms need to include Schedule UTP on returns reflecting the 2010 calendar year or fiscal years. Particular focus is given to the improvements made by the new guidance to the initial proposal, along with the five-year phase-in policy for smaller companies with fewer assets. The IRS guidance intends to promote greater transparency, clarity and certainty. It points out the need for quick and efficient determination of important issues underlying a firm's tax return. Also included are information on Schedule UTP's requirement on the reporting of federal income tax positions.
- Subjects
UNITED States; GUIDELINES; UNITED States. Internal Revenue Service; FISCAL policy; TAX returns; TAXATION of small businesses; TRANSPARENCY in government; INCOME tax
- Publication
Financial Executive, 2010, Vol 26, Issue 10, p13
- ISSN
0895-4186
- Publication type
Article