IRS Relaxes Uncertain Tax Position Rules

The IRS yesterday released several forms of guidance on the reporting of uncertain tax positions:

• Announcement 2010-75, 2010-41 I.R.B. ___ (Oct. 14, 2010)
• Announcement 2010-76, 2010-41 I.R.B. ___ (Oct. 14, 2010)
• Schedule UTP
• Schedule UTP Instructions
• Treasury Directive for All Large Business and International Division (LB&I)
• Prepared Remarks of IRS Commissioner Doug Shulman to the ABA (IR-2010-98)

Media and blogosphere coverage:

• Associated Press, IRS Scales Back Rule on Disclosing Iffy Tax Breaks
• Bloomberg, IRS Trims Demand for Corporate Tax-Shelter Lists
• Journal of Accountancy, IRS Releases Final Schedule UTP, Incorporates Changes
• Wall Street Journal, IRS Eases Up On Disclosure Rule For Risky Tax Strategies
• Web CPA, IRS Scales Back Uncertain Tax Position Requirements