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IRS Issues Proposal to Require Reporting of Uncertain Tax Positions

Published on: 05 Feb 2010

The IRS issued Announcement 2010-9, which describes proposed changes to tax return reporting requirements for certain business taxpayers. Specifically, the IRS is considering requiring businesses with over $10 million in assets to annually report uncertain tax positions on their tax returns. Taxpayers would be required to file a schedule with their return that provides a “concise description” of these positions and information about the magnitude of the positions. Taxpayers would not, however, have to disclose risk assessments or tax reserve amounts, according to the announcement. The IRS proposal would require taxpayers to file the schedule with returns filed after the release of the new schedule. The IRS is seeking comments on the proposal by March 29, 2010.

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