IRS Plans to Require Disclosure of Uncertain Tax Positions.

The article focuses on the plan of the U.S. Internal Revenue Service (IRS) to require corporate taxpayers with total assets in excess of 10 million dollars to report uncertain tax positions. It notes that the IRS is working on a schedule that will be used by the taxpayers as they disclose uncertain tax positions on their annual returns. Doug Schulman, IRS commissioner, has stated in a meeting that such requirement will lead to more efficient corporate audits. Details that need to be included in the description of each uncertain tax position are given.