Schedule UTP—reminder of reduced asset threshold of $50 million for 2012 

September 19:  For taxpayers with uncertain tax positions, the draft Schedule UTP (Form 1120) and draft instructions posted this week by the IRS serve as a reminder that for 2012, the asset threshold for reporting uncertain tax positions has decreased from assets that equal or exceed $100 million to assets that equal or exceed $50 million.

The draft Schedule UTP [PDF 232 KB] and draft instructions [PDF 229 KB] are dated September 11, 2012, and were posted September 18, 2012, on the IRS website. These drafts are pending OMB review and final approval.


Schedule UTP requests information about tax positions that affect U.S. federal income tax liabilities of corporations that issue or are included in financial statements and have assets meeting a threshold amount. Previously, that amount was $100 million. For 2012, the amount is $50 million.




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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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