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Tag >> FIN 48
Oct 20
2010

Many concerns over reporting uncertain tax positions

Posted by Stephen Taub in uncertain tax positionsTaxRiskIRSFIN 48

Stephen Taub

Executives have a number of concerns as they gear up to comply with the Internal Revenue Service's new disclosure requirement regarding their uncertain tax positions (UTPs).

According to a survey conducted by KPMG's Tax Governance Institute (TGI), 44 percent of the respondents said their biggest concern was providing the concise description for a disclosed UTP. The IRS defines a UTP as a federal income tax position for which a taxpayer or related party has recorded a reserve in an audited financial statement or for which no reserve was recorded because of an expectation to litigate.

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