IRS updates rules on adequate disclosure of return positions

11/26/2012 | JournalofAccountancy.com

The Internal Revenue Service issued its annual update telling taxpayers when they have adequately disclosed an item or position on a tax return. The guidance lists specific forms and schedules, which, if they are completed clearly and in accordance with their instructions, will be considered to have provided adequate disclosure to avoid the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.

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