Article: Reporting Uncertain Tax Positions
Large corporations are required to disclose their uncertain tax positions starting with the filing of their 2010 tax returns. These uncertain tax positions, as described in FASB Interpretation No. 48 (a.k.a. FIN 48), are reported on IRS Schedule UTP, Uncertain Tax Position Statement, which should be attached to the Form 1120. This article provides background on FASB Interpretation No. 48 (FIN48) and Uncertain Tax Positions as well as examples and important details to consider.
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