By Stacie Clifford Kitts, CPA
Just how desperate are our lawmakers to find new sources of income – looks like very.
How about a schedule that will point them right to the grey (not wrong mind you) areas on your client’s business return.
Have you read Announcement 2010-09? If not, you better get on it. The announcement discusses a new schedule which will require business taxpayers to report uncertain tax positions on their income tax return.
The IRS is seeking public comment on the proposed schedule. If you are a professional tax preparer, now is the time to chime in and let the IRS know what you think about this new requirement.
My take – I have to say this sounds like a bad idea all around.
Announcement 2010-09 explains the potential content of a schedule that will require certain business taxpayers to report uncertain tax positions on their tax returns and invites public comments on the Internal Revenue Service’s approach. Announcement 2010-09 will appear IRB 2010-7, dated Feb. 16, 2010.