After an avalanche of complaints from the business community, the IRS in late September scaled back a requirement that large corporations disclose their uncertain tax positions on their tax returns. But many senior business executives are still jittery about the new rule, judging by the results of a KPMG poll released today.

About 28 percent of respondents think that the IRS will use the new Schedule UTP form to propose audit adjustments without discussion. And 25 percent expect to see an increase in IRS audits.

Thanks to the IRS’s backpedaling, companies will no longer have to state a maximum tax adjustment for each position or disclose a rationale for the position and the nature of the uncertainty. But many business leaders are still worried by the mandatory “concise description” of the uncertain position; 44 percent named this as their biggest concern.

The finalized Schedule UTP and its instructions are available here.

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