The IRS recently released the draft schedule and instructions for reporting uncertain tax positions. The new Uncertain Tax Position Statement (“Schedule UTP”) generally would require a corporation with assets of at least $10 million to disclose to the IRS the company’s FIN 48 and other tax reserves. Below is an overview of the draft instructions to assist you in determining the potential impact of reporting for your company.

A little more than a month after President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law, the IRS has released guidance on provisions related to the tax treatment of employer-provided health coverage for adult children. Under PPACA, coverage requirements have expanded and such coverage is generally tax free for employees. IRS Notice 2010-38 explains the implications for workplace and retiree health plans, including cafeteria plans and Flexible Spending Accounts (FSAs).

The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2010-17, Revenue Recognition — Milestone Method (Topic 605): Milestone Method of Revenue Recognition (a consensus of the FASB Emerging Issues Task Force). The ASU amends the FASB Accounting Standards Codification (ASC) to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions, as well as the associated disclosure requirements.

Late last year, the U.S. Securities and Exchange Commission (SEC) amended its custody rule — Rule 206(4)-2 under the Investment Advisers Act — to help safeguard investor assets. Now it’s time for certain SEC-registered investment advisers (RIAs) to start taking steps to ensure they comply with two of its requirements.

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act. The new law gives small tax-exempt organizations that provide health care coverage to their employees eligibility for a refundable federal tax credit beginning with their 2010 Form 990. The credit increases from 25% to 35% in 2014.