New IRS schedule would require tax uncertainties disclosure

Description

Abstract: The Financial Accounting Standards Board’s Financial Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, is part of a trend toward greater financial transparency and accountability. However, it’s been of limited value to the IRS, because it requires disclosure of only aggregate amounts, not itemized details about uncertain tax positions. So, for certain large corporations, the IRS plans to mandate even more detailed disclosures —in essence, ask that companies provide it with a roadmap for identifying potential tax return weaknesses.