IRS updates Schedule UTP FAQs

Private Company Services Tax Insight

The IRS updated frequently asked questions (FAQs) regarding Schedule UTP and clarified the definitions of "record a reserve" and "line item on a return." The FAQs also addressed issues related to uncertain tax positions embedded in net operating losses or credit carryforwards as well as reporting requirements related to purchase accounting. The general disclosure requirements of Schedule UTP as previously released remain unaltered.

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