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IRS on Dec 22, 2022, finalized changes to Schedule UTP, Uncertain Tax Position Statement, and Instructions for Schedule UTP. Comment to the IRS had concerns regarding privilege issues, the increase in information required to be disclosed and uncertainty surrounding penalty protection.
Internal Revenue Service IRS announced draft changes to Schedule UTP, Uncertain Tax Position Return Statement, and Form 1120, Instructions for Schedule UTP, for the 2022 tax year. The IRS is continuing its effort of having corporations self-identify uncertain tax positions.