State and Local Tax (SALT) partner Bruce Ely was quoted in Bloomberg BNA’s Daily Tax Report on the complexities of the new IRS partnership audit rules. Enacted as part of the Bipartisan Budget Act of 2015, the rules provide that partnership audits will be assessed and collected at the partnership level, unless an election is quickly made to pass the assessment onto the partners. States may adopt varying approaches to the overhauled federal regime.
“What we don’t want is 50 different state responses,” said Ely. “And we don’t want all the snowflakes to be different.”
The complete article, “IRS Partnership Audit Regime Risks Multiple State Responses,” appeared in the Daily Tax Report on May 9, 2016. (login required)