Bruce P. Ely Quoted in State Tax Notes Regarding What IRS Partnership Audit Changes Mean for States
State Tax Notes
State and Local Tax (SALT) partner Bruce Ely was quoted in State Tax Notes regarding the question, what do the IRS partnership audit changes mean for states?
A federal budget agreement containing significant changes to the IRS's partnership audit procedures will invariably affect state taxpayers, raising questions about the effect of audit result sharing, statutes of limitation, and whether there will be a need for state conformity.
"With the growing popularity of limited liability companies, limited liability partnerships, and other passthrough entities, the new regime will have an effect on a number of states -- either directly or indirectly -- and the state departments of revenue and the Multistate Tax Commission will embrace these changes," said Ely.