• The Final 2010 Schedule UTP: What Does it Mean for Corporate Taxpayers?
  • October 8, 2010 | Author: Thomas D. Sykes
  • Law Firms: Greenberg Traurig, LLP - Washington Office ; Greenberg Traurig, LLP - Chicago Office
  • On September 24, the IRS announced that it was releasing the final version of Schedule UTP for the 2010 tax year, its Instructions, plus further guidance. While there is a hearing on October 15 regarding the proposed regulations, these last pieces of guidance appear to set out the basic ground rules under which reporting of uncertain tax positions (UTPs) will be made in the upcoming tax filing season. Affected corporate taxpayers and their tax advisors should carefully review the final Schedule UTP, its Instructions, and the related guidance.