IRS Loosens Corporate Tax Disclosure Requirements

Law360, New York (September 27, 2010, 4:34 PM EDT) -- The U.S. Internal Revenue Service has said it plans to loosen up requirements for companies that will have to disclose information about their reported tax savings under a new rule.

IRS Commissioner Doug Shulman told an American Bar Association gathering in Toronto on Friday that businesses would not be required to report the maximum amount of money they might lose if the IRS doesn’t approve a transaction and in some cases pushed back the deadline on reporting of tax audit information.

The speech concerned changes the...
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