• Schedule UTP: IRS Releases New FAQs: IRS Provides More Information on Schedule Due with 2010 Returns
  • July 28, 2011
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • On July 19, 2011, the Internal Revenue Service (the “IRS”) revised and expanded its list of frequently asked questions (each, an “FAQ”) relating to Schedule UTP, which certain corporate taxpayers must complete to report to the IRS information about their “uncertain tax positions.” The guidance adds eight new FAQs to the original set of four FAQs that was released in March 2011 and revises the existing FAQ relating to the treatment of reserves for interest and penalties. The new FAQs address the following questions: