CCH Learning Center

Description:
Any taxpayer with an income tax return filing requirement makes disclosures to the IRS. However, within the last several years, both the IRS and the tax code have begun requiring businesses to provide increasing disclosures above and beyond those required for an ordinary income tax return.

To the IRS, large businesses provide the highest risk of noncompliance, whether due to misunderstanding of reporting rules or due to aggressive tax planning. Any business, however, is suspect if it fits certain profiles.

In defense of increasing required disclosures, IRS officials consistently state that the agency is seeking to improve the efficiency of its examinations so that high-priority items are given appropriate amounts of time and resources.

They also state that, with its limited resources, the IRS is looking to head off erroneous and noncompliant tax reporting before it occurs.

Upon completion of this course, the professional will be able to:

• Identify reportable transaction disclosure requirements resulting from the IRS’s Tiered Issue Process
• Explain the implications of disclosure requirements under the codified Economic Substance Doctrine
• Describe reporting requirements for uncertain tax positions Understand the enhanced reporting requirements for foreign assets and accounts
• Discuss the role of broker basis reporting and increased information reporting in reducing the federal tax gap