IRS Says Taxpayers Don't Have to Report UTPs Involving Pre-2010 NOLs

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

IRS unveils long-awaited frequently asked questions and answers for taxpayers to use in reporting their uncertain tax positions to the government, providing that taxpayers do not have to report the use of a net operating loss or credit carryover in a post-2009 return that reflects a pre-2010 uncertain position. IRS addresses a range of other issues in the guidance, including when a position is certain enough that it does not have to be reported, and whether interest and penalties must be included in determining the size and ranking of a position. It also offered guidance on changes to the policy of restraint announced last September. 

Request Daily Tax Report