Witnesses Say Concerns Remain on Uncertain Tax Positions Guidance

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IRS's recent guidance on disclosure of uncertain tax positions made substantial improvements but concerns remain, witnesses tell the agency at a hearing, adding that IRS should consider these disclosures as adequate for other purposes in the tax code. Panelist Lon Smith, IRS national counsel for special projects, stresses the hearing was focused on rules (REG-119046-10) the agency proposed in September that formalize the agency's authority to require corporations to disclose their uncertain tax positions, although witnesses also discussed a major guidance package unveiled by IRS in September.