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News Link • TAXES: Federal

IRS requires firms to report iffy tax breaks

• AP

The Internal Revenue Service plans to start requiring large corporations to disclose on their tax returns whether they are taking tax breaks that might be unacceptable to the IRS.

Large corporate tax filings are often complex, with some firms taking tax breaks that fall into a gray area of tax law. IRS Commissioner Douglas Shulman said Tuesday that requiring firms to flag those "uncertain tax positions" for IRS examiners would improve enforcement.


5 Comments in Response to

Comment by Joey man
Entered on:

So the IRS expects the firm to tell the IRS what the IRS is thinking.  Ok, I'm down with that.  Makes perfect sense considering the mentality making the rules.

Comment by Found Zero
Entered on:

Unconfirmed sources report a shipment of 10,000 Magic 8 Balls to IRS auditors.

Comment by Michael Fraker
Entered on:

So, the IRS is asking companies to tell them (IRS) where to look to find mistakes?

Comment by Found Zero
Entered on:

Dear IRS, I am schtupping your sister for money and she's not applying sales tax.  You might want to look into that.

Comment by Richard Stone
Entered on:

 Yeah, that will work hahahahahahahahahahahahahaahaha!!!!!!!!!!

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