State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on the ABA task force’s recommendation that the Multistate Tax Commission (MTC) consider model legislation. A memorandum provided to the MTC urges states’ conformity and adoption of federal rules.
“I think it’s a win-win for the states,” said Ely, co-chairman of the task force. “If the feds are projecting $9.3 billion or $10 billion revenue pick-up, then clearly the states would see this as maybe not found money, but revenue that would come in the door almost automatically” with increased IRS audit activity and increased taxpayer compliance.
The complete article, “ABA Task Force Urges Model Law for Partnership Audit Law,” appeared in Bloomberg BNA on September 30, 2016. (login required)