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OnDemand Course

Schedule UTP and Schedule M-3:Recent IRS Actions

IRS tells some taxpayers their Schedule UTP is inadequate. IRS relaxes Schedule M-3 filing requirements for some taxpayers.

The Bad News - The Internal Revenue Service (IRS) requires many business taxpayers to report on Schedule UTP those uncertain tax positions for which ASC 740-10 (FIN 48) contingent income tax liabilities have been established in audited financial statements. Furthermore, many more taxpayers will be required to file Schedule UTP with their income tax returns for 2014 and later years. In recent months many taxpayers that filed Schedule UTP have received so-called soft letters back from the IRS telling them that one or more of the concise descriptions required to report uncertain tax positions were not adequate and/or were not in accordance with instructions for the schedule. We will tell you how Schedule UTP filers can avoid receiving these dings quite easily.

The Good News - The IRS has issued a notice that relaxes the filing requirements for many filers of Schedule M-3 - the dense and difficult schedule attached to business income tax returns that provides a reconciliation from book income to taxable income. This on-demand webinar will tell you which Schedule M-3 filers are affected and what choices you have under the new rules.

Learning Objectives:

  • You will be able to recognize how Schedule UTP relates to tax disclosures in audited financial statements and how Schedule UTP affects the risk of a tax audit.
  • You will be able to review your Schedule UTP issues to the IRS's Schedule UTP statistics.
  • You will be able to define which filing option is better for a particular taxpayer.
  • You will be able to identify changes to the filing requirements of Schedule M-3.

Runtime: 102 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Schedule UTP

  • Learn the Basics of Schedule UTP, Its Objectives and Whether It Is Relevant to You
  • Understand How Schedule UTP Relates to Tax Disclosures in Audited Financial Statements and How Schedule UTP Affects the Risk of a Tax Audit
  • Compare Your Schedule UTP Issues to the IRS's Schedule UTP Statistics
  • Learn How to Write Concise Descriptions of Schedule UTP Issues That Do NOT Cause You to Receive Love Notes From the IRS

Schedule M-3

  • The Basics of Schedule M-3
  • Know the Changes to the Filing Requirements of Schedule M-3
  • Know Which Business Entity Types Are Affected, What the New Filing Options Are, Which Subsidiary Schedules Can Be Eliminated, and the Effective Date for These Changes
  • Decide Which Filing Option Is Better for a Particular Taxpayer
  • Next Steps the IRS Might Take Regarding Schedule M-3
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on October 21, 2013.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Bob Adams

McGladrey LLP

  • Partner in McGladrey LLP and leads McGladrey’s Washington National Tax IRS Practice and Procedure team
  • Advises clients on a host of tax issues such as effectively managing Internal Revenue Service examinations, resolving controversies, using pre-filing and post-filing resolution techniques, appealing unresolved examination issues, abating penalties, resolving interest and statute of limitations issues, accessing IRS Alternative Dispute Resolution processes, and requesting private letter rulings
  • Spent nine years with the IRS, serving as senior advisor to the commissioner and deputy commissioners, Large & Mid-Size Business Division (LMSB), now the Large Business & International Division (LB&I), and senior industry advisor to the director of Heavy Manufacturing & Transportation
  • Prior experience in high-level tax positions with Nortel Networks, MCI, Halliburton Company, Western Atlas International, Inc. and the Ingram Group
  • A frequent speaker at domestic and international tax seminars and webinars
  • Can be contacted at [email protected] or 202-370-8215

Dyann Barnes

McGladrey LLP

  • Tax director with McGladrey LLP
  • More than 25 years public accounting experience providing tax consulting and compliance services to companies in a variety of industries
  • Experience in the areas of ASC 740 and financial statement disclosures for public and private companies
  • Can be contacted at [email protected] or 703-336-6463

Jeremiah Coder

Greenberg Traurig, LLP

  • Tax controversy attorney with Greenberg Traurig LLP
  • Focuses on privilege issues, penalties, Circular 230, whistle-blowers, and in-depth tax research and policy analysis; represents clients in federal tax controversies before the IRS and is experienced in preparing and examining federal and state tax returns for partnerships, trusts, estates and individuals; and advises on FOIA/ethics requests and formal communications with government agencies
  • Spent six years as a contributing editor to Tax Analysts, where he developed written analyses of government guidance, pending legislation and tax policy issues for periodical press publications through tax research, court filings and communication with practitioners and government officials
  • Clerked in the United States Tax Court for the Honorable Mark V. Holmes and has been in private practice
  • Can be contacted at [email protected] or 703-903-7534
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 382893
Published 2013
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