Draft version of Schedule UTP (Form 1120) for 2012 

November 8: The IRS has posted a draft version of Schedule UTP, Uncertain Tax Position Statement, to be filed with the Form 1120 series for 2012.

The draft Schedule UTP (2012) [PDF 303 KB], once finalized, will be used by qualifying corporate taxpayers to report uncertain tax positions for 2012. In September 2012, the IRS posted an initial version of the draft Schedule UTP for 2012. See TaxNewsFlash-United States: Schedule UTP—reminder of reduced asset threshold of $50 million for 2012


Date / year changes are proposed to be made for the 2012 version of Schedule UTP. The 2012 version also includes expanded headings:


2011

2012

Part I, Column (b)

Primary IRC Section
(e.g., “61”, “108”, etc.)

Primary IRC Sections
(e.g., “61”, “108”, “263A”, etc.)
Primary IRC Subsections
(e.g., (f)(2)(A)(ii))

Part II, Column (b)

Primary IRC Section
(e.g., “61”, “108”, etc.)

Primary IRC Sections
(e.g., “61”, “108”, “263A”, etc.)
Primary IRC Subsections
(e.g., (f)(2)(A)(ii))


To compare the draft version to the 2011 version, see Schedule UTP (2011) [PDF 252 KB]


The IRS requests that any comments on the draft form be submitted on the IRS.gov page titled Comment on Tax Forms and Publications or via email to taxforms@irs.gov.




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For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

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1801 K Street NW
Washington, DC 20006.


©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

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