State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on reaction to a memorandum from the Multistate Tax Commission (MTC) highlighting proposed revisions and recommendations provided by members of a task force of the ABA Tax Section’s State and Local Tax Committee and an American Institute of CPAs work group, which have partnered on a project addressing state implications from the federal law. The American Bar Association Section of Taxation task force generally urged state conformity and advocated a model revenue agent report (RAR) statute.
Ely, co-chairman of the ABA Tax Section task force, is collaborating on a draft RAR statute that starts with the MTC’s model statute. He said that a blacklined copy of the MTC model language—which may also include input from white papers prepared by the Council On State Taxation and Tax Executives Institute Inc.—likely will be circulated in the next month.
However, the ABA task force reiterated its request for the MTC to take the lead in developing a model RAR statute.
The complete article, “States Advised to Move Slowly With Partnership Audit Law,” appeared in Bloomberg BNA on November 1, 2016.