Uncertain Positions Proposal Not for 2009 Returns; IRS Seeks Comments

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IRS says it is extending the time for submission of comments on its recent proposal for mandatory reporting of uncertain tax positions on business taxpayers' returns, adding that such reporting will not be required for 2009 returns filed in 2010. Announcement 2010-17 says the deadline for comments—initially set for March 29—will be extended to June 1, as requested in a number of informal and written comments already submitted in response to Announcement 2010-9. IRS Chief Counsel Wilkins says the agency went through a complex balancing effort in crafting its controversial proposal to require disclosure of uncertain tax positions, along with associated dollar amounts, on a new schedule accompanying large corporate tax returns.