Federal Tax Post- 03/29/18

An IRS form filed by some corporations requires modification to overcome its weaknesses, according to the Treasury Inspector General for Tax Administration (TIGTA). In a report, TIGTA found that IRS Form 1120, “Schedule UTP, Uncertain Tax Position Statement,” fails to meet its intended purpose, which is to achieve certainty regarding a taxpayer’s obligations. TIGTA stated the form contains insufficient information to allow the IRS to meet the original goals of using the form, and recommended that the IRS modify the form or remove it as a filing requirement. [KEM(1]

By | 2018-04-20T08:35:14+00:00 April 20th, 2018|Federal Tax Posts|Comments Off on Federal Tax Post- 03/29/18