EYEY

US IRS has been informing taxpayers of Schedule UTP non-compliance

|Tax Alerts, Information Reporting|United States
United States

EY is aware that the IRS has begun sending certain taxpayers letters stating that they have not complied with the rules for reporting an uncertain tax position (UTP). Specifically, the letters state that the Schedule UTP does not fulfill the requirements of a "concise description" for one or more reportable UTPs.

Background

In December 2022, the IRS finalized an updated Schedule UTP, Uncertain Tax P…

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