State Tax Issues Resulting from IRS Announcement 2010-9

State Tax Issues Resulting from IRS Announcement 2010-9

The new IRS policy that requires taxpayers to disclose uncertain tax positions (UTPs) is getting some well-deserved attention. On April 19 the IRS issued a draft form Uncertain Tax Position Statement(Schedule UTP) for comment by June 1. Some tax professionals question the necessity or fundamental fairness of requiring taxpayers to report UTPs, while others question the specifics of the proposed reporting requirement, such as the materiality threshold, the requirement to provide a brief statement of the UTP, and the quantification of the UTP.

View the attachment for the complete TaxAnalysts® article.

Attachment: State Tax Issues Resulting from IRS Announcement 2010-9.pdf