TAX NEWS - January 2010
United States Tax: Reporting uncertain tax positions on their tax returns
A taxpayer would be required to file a schedule with its return that provides a "concise description" of these positions and information about their magnitude if the taxpayer prepares financial statements, or is included in the financial statements of a related entity that prepares financial statements, due to the taxpayer or related entity determining its U.S. federal income tax reserves under FIN 48 or other accounting standards relating to uncertain tax positions involving U.S. federal income tax. 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.