IRS Proposes Detailed Disclosure of Financial Statement Tax Reserves

On January 28, 2010, Cravath issued to its clients a memo entitled “IRS Proposes Detailed Disclosure of Financial Statement Tax Reserves.” The memo discusses the proposal, which would require taxpayers to report to the IRS the nature and amount of all uncertain tax positions for which the taxpayer recorded a financial statement reserve.

Please click here to read the memo.