Exempt Organizations Advisory - IRS Releases Draft Schedule and Instructions for Uncertain Tax Positions

Catherine W. Wilkinson (cwilkinson@steptoe.com)
Suzanne Ross McDowell (smcdowell@steptoe.com)

In Announcement 2010-9, the IRS announced that it was developing a schedule that would require business taxpayers with total assets of $10 million or more to report uncertain tax positions. In Announcement 2010-17, the IRS extended the comment period for the proposal to June 1, 2010, and requested comments on the proposal’s application to tax-exempt entities. Today, in Announcement 2010-30, the IRS announced the release of the draft schedule and instructions for the reporting of uncertain tax positions. The schedule does not apply to tax-exempt organizations for the 2010 tax year, and the IRS will determine its application to tax-exempt organizations for future years after comments have been received.

A copy of the draft Form is available here.
A copy of the draft Instructions is available here.