State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on concerns over provisions pushing out tax liability to individual partners under the new federal partnership audit and adjustment regime. In a mid-November meeting, Treasury Department and Internal Revenue Service representatives met with members of a task force of the American Bar Association Section of Taxation and an AICPA work group to discuss the status of regulations and the agency’s approach to the new law.
Ely, co-chairman of the ABA tax section’s task force, explained that one takeaway from the meeting was that Treasury isn’t prioritizing the release of guidance. Reports indicate it is unlikely that Congress will push through technical corrections legislation by yearend.
The complete article, “IRS, States Edgy Over ‘Push-Out’ Election in Partnership Rules,” appeared in Bloomberg BNA on November 30, 2016.