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Reporting Reserve Should Not Be Required on Schedule UTP, Law Firm Says

Nov. 23, 2022, 7:50 PM

The new draft form for uncertain tax position reporting shouldn’t require corporations to report the amount of the reserve, a law firm said in a comment letter to the IRS.

The agency released a draft version of the Schedule UTP and instructions on Oct. 11 for companies that are required to report unrecognized tax benefits, but a month later an agency official announced the drafts will be changed.

A column labeled “amount” was added to the draft form, but taxpayers found the description in the instructions to be misleading and could be interpreted to mean the unrecognized tax benefit, said ...