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After audit, IRS agrees to revisit Schedule UTP

Tammy Whitehouse | March 29, 2018

Encouraged to modify or do away with the filing entirely, the Internal Revenue Service is taking a look at how it might revise Schedule UTP regarding uncertain tax positions.

The U.S. Treasury Inspector General for Tax Administration audited IRS use of Schedule UTP filings and determined the filing does not produce information that is useful in compelling compliance with tax obligations. As such, TIGTA told the IRS it should either modify Schedule UTP or remove it as filing requirement.

Schedule UTP requires corporate taxpayers to disclose where in their tax filings they may have uncertainty about the tax positions they’ve taken, to give examiners a roadmap to the taxpayer’s riskiest tax assertions. The IRS adopted the filing as an way to...

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