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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.
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