The IRS is gearing up to find a new audit avenue to small to midsize corporations. Beginning with the 2012 returns filed in 2013, corporations with assets of $50 million or more are required to report “uncertain tax positions” on Schedule UTP, Uncertain Tax Position Statement. Thus, your company may be disclosing a tax position, based on its financial accounting, which the IRS could interpret differently. Previously, the threshold for the filing requirement for Schedule UTP was twice as high at $100 million of assets.
With this influx of new information, the IRS expects to give the additional UTP schedules a thorough review to help pinpoint potential audit targets for the future. Consult with a CPA or other tax pro.
- Small Business Tax Deduction Strategies No matches