Schaffner, Knight, Minnaugh & Company, P.C.

Do you know about Uncertain Tax Positions – Is Your Business Affected?

Jun 20, 2015 | Posted in News and Events

Beginning last year, the scope of IRS rules for reporting uncertain tax positions (UTP) expanded to cover corporate taxpayers with total assets of $10 million or more. This is a significant change that means many small- and mid-sized businesses will now need to disclose to the IRS details about any uncertain tax positions taken on their returns. An example of a UTP is a business’ chosen method of assigning costs to transactions with their subsidiary companies (aka transfer pricing). Pass-throughs are currently exempt from reporting UTPs under federal law.

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