The Final Draft of Schedule UTP for 2010 and The Latest IRS Guidance on Disclosing Your Uncertain Federal Income Tax Positions Firm
Overview:The 2010 Schedule UTP and Instructions are now in final form. Certain corporate income taxpayers must now file this form and eventually many more will have to follow suit. Simultaneously IRS issued guidance explaining the changes it made - or did not make - to the draft Schedule UTP released in April and announcing changes to its “policy of restraint” plus an internal directive. Our program will cover those changes and their significance to you including:
- Overview of 2010 Schedule UTP & Instructions
- Summary of the latest IRS guidance
- Commentary on issues for financial accounting and tax return reporting, including the impact on
privileges you may claim
- A look ahead
ALL TALKING POINTS:
- A Brief History Of Schedule UTP
- FIN 48
- Corporate Transparency
- A Brief History of the IRS's Policy of Restraint in requesting Tax Accrual Workpapers
- IRS's 2010 Announcements
- Schedule UTP and Instructions
- Who Must File & When
- What Must Be Reported
- Multi-Year Items & Transitional Year Items
- Beneficial Uses of Schedule UTP
- Announcement 2010-75 & Selected Issues Surrounding Schedule UTP
- Relief Granted by Announcement 2010-75
- Potential Overdisclosure or Underdisclosure or Overdisclosure of Uncertain Positions
- Schedule UTP and Potential Penalties
- How Announcement 2010-76 modifies the IRS's Policy of Restraint
- A Review of Privileges in Tax Advice and Tax Accrual Workpapers
- The Latest Developments in Work Product Privilege, including Deloitte and Textron
- A Consideration of Selected Privilege Issues in Complying with Schedule UTP
- The IRS's Directive A Look Ahead
- Schedule UTP and IRS's Prioritization of Audit
- Schedule UTP and IRS's Ability to Issuer Better Guidance Sooner
- The Impact of Schedule UTP on Tax Planning and Income Tax Audits
- Schedule UTP, Tax Information Exchange and the Adoption of Similar Disclosuresate by Foreign and State Tax Authorities
Who Should Attend:
- All Tax Executives
- Chief Financial Officers
- Chief Compliance Officers
- General Counsel
- Tax Counsel
- Tax Advisors
- Tax Attorneys
- Tax and audit professionals
In May 2010, J. Richard “Dick” Harvey was named the Distinguished Professor of Practice at the Villanova Law School/Graduate Tax Program effective August 1, 2010. He has over 32 years of multifaceted experience including: (i) Senior Government Official in the US Treasury Department and Internal Revenue Service during the Reagan, Bush II, and Obama administrations; (ii) Managing Partner at PricewaterhouseCoopers; and (iii) professor at both Bucknell University and The College of New Jersey. Areas of expertise include financial accounting, tax, and the intersection between the two.
Immediately prior to joining the Villanova faculty, Professor Harvey was the Senior Advisor to IRS Commissioner Doug Shulman advising on tax administration and policy issues. He was a liaison with the US Treasury Department Office of Tax Policy, Congressional staff, the Department of Justice, and the Securities and Exchange Commission. He also coordinated efforts among various IRS groups including the Chief Counsel’s Office and the Large and Mid-Size Division. He was significantly involved in a wide range of issues including recently highly publicized IRS efforts to (i) address off-shore tax evasion, and (ii) increase transparency by business taxpayers.
In his role at PricewaterhouseCoopers, Professor Harvey provided CEOs, CFOs, and Tax Directors of the largest multi-national financial institutions with guidance and counsel regarding the leading tax and accounting issues of the day. He is a nationally recognized expert in the financial accounting for income taxes (e.g., FAS 109, FIN 48, and IFRS). He was consulted by the FASB upon development of FIN 48, and spent substantial time speaking around the country on how the conversion from US GAAP to IFRS could impact US corporations. In addition, Professor Harvey provided extensive tax consulting advice to companies around the world on various technical tax issues.
From 1986 to 1988 Professor Harvey was the Senior Accountant in the U.S. Treasury Department, Office of Tax Policy. In this role, he participated extensively in the formulation of the U.S. Treasury Department's tax policy, and the drafting of legislation and regulations, including extensive work on the 1986 Tax Reform Act. He also worked closely with senior Congressional and IRS Staff. His areas of responsibility included: the taxation of financial institutions including banks and insurance companies; tax accounting and periods; and the corporate alternative minimum tax.
Professor Harvey is a frequent speaker, including the keynote speaker at industry groups such as the Tax Executive Institute, Wall Street Tax Association, and the Institute for International Bankers. Upon returning to academia, he expects to be a frequent author and has published two featured articles in Tax Notes surrounding Schedule UTP. In his spare time, he spends time with his family and plays competitive baseball at the national level.
In May 2010, J. Richard “Dick” Harvey was named the Distinguished Professor of Practice at the Villanova Law School/Graduate Tax …
Phillip A. Pillar is a Shareholder in the Philadelphia Office of Greenberg Traurig, LLP. Phil's practice concentrates on representing and advising clients in federal, state and international tax issues before tax authorities and courts. Phil negotiates sophisticated tax problems for clients including voluntary disclosures, methods of accounting and tax shelters. Phil's cases include precedent-setting decisions in the taxation of many different industries, particularly financial services. He advises investment funds, insurance companies, banks and other lenders on strategies and transactions. He also tried numerous estate tax valuation matters and has been involved in other notable reported cases. He possesses broad experience in federal tax alternative dispute resolution procedures, including mediation and arbitration. For multinational clients, Phil uses his experience of having advised and represented IRS in transfer pricing matters. Phil has also worked with clients' tax treaty positions and anti-deferral regime issues.
Phil has also counseled many companies, from Fortune 1000 to privately held, on managing their tax risk. He is experienced in the fields of reportable transactions compliance and tax transparency, how tax issues in transactions and structures may be scrutinized. He specializes in resolving civil tax penalties and practice before the IRS. Recently, Phil has counseled clients and addressed tax professionals on the effects of greater transparency in tax disclosures under FIN 48 and tax reporting rules changes.
Phil has authored many articles and has been published in The Tax Lawyer. He is also a former Chair, Administrative Practice Committee of the American Bar Association, Section of Taxation.
Phil is admitted to practice in the Bars of the Commonwealth of Pennsylvania and the State of Texas, along with various Federal Courts.
Prior to joining Greenberg Traurig, Phil was a Director of Tax Controversy and Risk Management Services Practice at Ernst & Young and a senior litigation in the Office of the Chief Counsel, IRS.
Mr. Pillar received his LL.M. from Washington University in St. Louis, his J.D. from The University of Texas and his B.A. also from The University of Texas.
Phillip A. Pillar is a Shareholder in the Philadelphia Office of Greenberg Traurig, LLP. Phil's practice concentrates on representing and …
Mike is a Director in KPMG’s Financial Services Practice. Prior to joining KPMG, Mike worked for 32 years for Sunoco Inc. and was Vice President-Tax at the time of his retirement.
Professional and Industry Experience
During his time at Sunoco Mike oversaw a department of tax professionals who were responsible for Sunoco’s worldwide income, property, excise, privilege, payroll and VAT taxes. Prior to working for Sunoco, Mike spent four years on active duty as a Captain, JAGC, in the U.S. Army serving primarily as a federal prosecutor. Over the last thirty years, Mike has been very active in numerous industry groups including the Tax Executive Institute (TEI), the National Manufacturer’s Association (NAM), the American Chemical Council (ACC), the Manufacturers Alliance (MAPI), the American Petroleum Institute (API), and the International Fiscal Association (IFA).
Publications and Speaking Engagements
Mike has spoken at numerous tax and financial conferences including those held by the Federal Reserve, the Tax Executive Institute, the American Bar Association, the University of Texas, the University of Pennsylvania, the American Petroleum Institute, the American Chemistry Council, and NYU Tax Institute.
Mike has authored numerous tax papers and several law review articles as well as a treatise on the “Windfall Profit Tax Act of 1980.”
Since 1987 Mike has served as an adjunct professor-of-law at Villanova University Law School teaching domestic and international corporate tax planning and consolidated tax return courses.
Background Mike is a Director in KPMG’s Financial Services Practice. Prior to joining KPMG, Mike worked for 32 years for …
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