Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailNew Law Could Prevent Closing out Reserves for Some Tax Positions, Practitioners Fear
May 10, 2010 in Daily Tax Report · Leave a Comment
A new tax law seemingly intended to apply only to the statute of limitations for assessments on foreign information filed with the Internal Revenue Service could force financial statement preparers to indefinitely maintain reserves booked against uncertain tax positions, practitioners said.
The growing concern about maintaining the reserves on financial statements—along with indefinite liability for tax assessments from a misstated tax advantage or liability filed anywhere on the tax return—grows out of a package of tax code amendments that President Obama signed into law March 18…
