State and Local Tax (SALT) attorney Bruce Ely was featured in Bloomberg Law on how states have responded to the new federal partnership audit regime. According to the Multistate Tax Commission (MTC), it seems states have decided not to push for immediate legislative action in the upcoming session to conform to the Bipartisan Budget Act of 2015.
Ely, co-chairman of a task force of the ABA Tax Section's State and Local Tax Committee that has partnered with an American Institute of CPAs work group on a project addressing state implications from the federal law, said he is finishing a draft uniform revenue agent report (RAR) statute, which will be circulated to the MTC's Uniformity Committee prior to its December meeting. Members of the task force, including the Council on State Taxation and Tax Executives Institute Inc., will first receive the draft RAR statute next week.
The complete article, “Federal Partnership Rules Not Rushing States to Conformity,” appeared in Bloomberg Law on November 16, 2016. (login required)