Schedule UTP Compliance for 2014 Filing Season This webinar will explain in detail the Schedule UTP filing requirements. Attendees will learn which corporations are subject to the UTP filing requirements, what disclosures are required , which uncertain tax positions are affected and how to “get the numbers right” to avoid costly IRS audits. Why Should You Attend: All corporations with total assets of $10 million or more will be required to file Schedule UTP for the 2014 filing season. Not filing or not properly completing the Schedule UTP may expose your corporate clients to greater scrutiny by the IRS, including extensive and time consuming IRS audits. By attending this webinar participants will learn:
Which corporations are subject to the UTP filing requirements What disclosures are required Which uncertain tax positions are affected What must be disclosed on parts I, II and III of the Schedule UTP, including what constitutes an adequate or sufficient description required on Part III Difference between an uncertain tax position and a reportable transaction Which UTP accruals are more likely to be scrutinized by the IRS Why it is not necessary to divulge the strengths or weaknesses of an uncertain tax position on Schedule UTP
During the webinar useful examples and illustrations will be provided. This webinar will conclude with a comprehensive case study that will walk you through the tax accrual and disclosure process.
Areas Covered in the Webinar:
What is an uncertain tax position based upon ASC Section 740? What is a permanent versus a temporary difference and how are they disclosed on the financial statements? How does a corporation evaluate the sustainability of tax positions that have been taken on the tax return?
Difference between a “highly certain” and a “more likely than not” position What disclosures are required on Schedule UTP? o What must be disclosed on Part I: IRC code section, whether the position is temporary or permanent, whether it is a major tax position, and the rank of the position among all uncertain tax positions that are being disclosed o When must Part II be completed o What must be disclosed on Part III: what meets the definition of a concise description of the uncertain tax position; what constitutes an insufficient description. Which uncertain tax positions have been most frequently reported by corporations since the form was first required in 2010. How to “get the numbers right” to avoid costly IRS audits o
Who Will Benefit:
CPAs Corporate Tax Directors Managers and Staff Responsible for Tax Compliance Managers and Staff Responsible for the Tax Accrual Work CFOs Controllers Tax Attorneys COO Corporate Finance Personnel
For more information please visit our website: http://www.complianceonline.com/ecommerce/control/trainingFocus/~produc t_id=703532/~Schedule_UTP_Compliance_for_2014_Filing_Season?channel=DO C_organic http://www.complianceonline.com