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Uncertain Tax Positions: New Schedule UTP Requirement for Many Companies in 2013

Webinar: ID# 1011878
Recorded CD
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About This Course:
Tax staffs for more, and smaller, companies should improve their familiarity now with the requirements of federal Schedule UTP. The IRS threshold for filing the form reporting uncertain tax positions declines to $50 million or less in assets in 2013 (for the 2012 tax year) and to $10 million in assets in 2015.

Companies must file Schedule UTP if they record a reserve for certain tax positions in their audited financials, or when they assess odds that a position will be litigated at better than 50%. With the filing threshold dropping next year, many more companies and their tax staffs must navigate IRS rules and FAQs.

Moreover, future IRS policy is worth consideration. Many observers feel the pace of filing Schedule UTPs on transfer pricing and other positions has been less than expected so far, leading to concerns about possible tougher enforcement by the Service. The time is now for a material briefing on Schedule UTP.

Listen as our presenter reviews the Schedule UTP rules in the contexts of lessons learned to date in preparing the schedule, and of evolving IRS oversight and examination policy.

Outline

I. Rules pertaining to Schedule UTP

  • Reduced filing thresholds for 2013 and 2015
  • IRS regulations, announcements, FAQs

II. Lessons learned from large corporations preparing Schedule UTP to date

III. Issues arising from IRS exams of Schedule UTP

Benefits

The panel will analyze key issues such as:

  • Calculating the maximum amount for each uncertain tax position.
  • Meeting the requirement for a "concise description" of each reserved position.
  • Navigating the "more likely than not" standard.
  • Examining what is known now about how the IRS views sufficiency of Schedule UTPs so far and how workpapers are being treated.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will be better prepared to properly complete Schedule UTP as the IRS filing threshold declines and sweeps in more corporate taxpayers.

The Presenter

Cherie Hennig, Associate Professor of Accounting, University of North Carolina at Wilmington, Wilmington, N.C.

She is the author of a treatise, "Practical Guide to Schedule M-3 Compliance," 2nd edition, and of numerous articles on Schedule M-3 and Schedule UTP compliance that have appeared in trade publications.


Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.


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Uncertain Tax Positions: New Schedule UTP Requirement for Many Companies in 2013
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