Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
With the recent release of a draft “Schedule UTP,” the IRS continues its agenda to require disclosure of uncertain tax positions on federal corporate income tax forms. While the new schedule appears to exclude state-related uncertain tax positions, the question remains whether states will follow suit and require such disclosures on their own corporate income tax forms. In this article, the authors offer their assessment of what states are likely to do and discuss steps taxpayers could take to mitigate exposure.
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