The Internal Revenue Service is giving interested parties more time to submit comments on its recent proposal to require companies to disclose information about their uncertain tax positions.
IRS Commissioner Doug Shulman announced in late January that the agency was considering requiring the reporting of uncertain tax positions at the time a return is filed by business taxpayers that have over $10 million in assets, and that have a financial statement prepared under FIN 48 or a similar accounting standard (see IRS Commissioner Proposes Changes to Reporting Requirements on Uncertain Tax Positions).
The IRS had originally requested comments to be sent in by March 29, but since the original announcement the IRS has received a number of questions and comments about the proposal (see AICPA Asks IRS for an Extension).
Several people asked the IRS in informal comments to clarify whether taxpayers would be required to file the new schedule with returns relating to their 2009 tax years and whether a draft schedule and instructions would be released. Other comments asked for clarification regarding the scope and implementation of the proposal, such as its application to pass-through entities and tax-exempt entities, and potential duplication of reporting with disclosures made on other forms (such as the Form 8275, Disclosure Statement, and the Form 8275-R, Regulation Disclosure Statement).
Some informal and written comments also asked for an extension of the comment period for up to 60 days to allow sufficient time to study the proposal and analyze its impact.
To allow taxpayers and practitioners the opportunity to provide comprehensive comments both on the proposal and on the implementing schedule and instructions, the IRS said Friday in Announcement 2010-17 that the time for submitting comments in response to Announcement 2010-9 has now been extended to June 1, 2010.
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