State and Local Tax (SALT) attorney Bruce Ely was featured in Bloomberg BNA on how states have been slow to pass laws responding to the new federal partnership audit regime, according to the Multistate Tax Commission (MTC). While states are looking for direction from the Treasury Department, the chances of 2016 guidance is looking more slim after a Nov. 16 meeting addressing the new audit rules.
Ely, co-chairman of the ABA tax section’s SALT Committee task force, explained that a takeaway from the meeting is that Treasury isn’t prioritizing the release of guidance. As states await the feds’ next steps, the ABA task force has continued urging states not to rush into conforming with rules that aren’t yet solidified.
The complete article, “Federal Partnership Rules Not Rushing States to Conformity,” appeared in Bloomberg Law on November 18, 2016. (login required)