The Internal Revenue Service is planning to require corporate taxpayers to provide brief descriptions of their uncertain tax positions along with the maximum amount of tax exposure if those positions are not sustained.
IRS Commissioner Doug Shulman, in a speech to the New York State Bar Association, said the IRS is looking for ways to make its audit and examination processes more efficient. “It would add efficiency to the process if we had access to more complete information earlier in the process regarding the nature and materiality of a taxpayer’s uncertain tax positions,” he said, according to his prepared remarks.
