Transparency and Compliance in Light of the New Schedule UTP.

The article reports that the U.S. Internal Revenue Service (IRS) issued a draft of Schedule Uncertain Tax Position Statement (UTP) with Announcement 2010-30. In 2010, the Schedule UTP will be required for corporations that have total assets in excess of 10 million U.S. dollars. The completion of Schedule UTP is expected to result to more tax compliance costs for business in its jurisdiction.