State and Local Tax (SALT) attorney Bruce Ely was featured in State Tax Notes responding to the Multistate Tax Commission’s (MTC) report on the state tax implications of the new federal partnership audit regime. An MTC work group has considered comments from General Counsel Helen Hecht that provided a more in-depth evaluation of issues raised by the federal “push-out” election, which allows a partnership to push the final IRS adjustment to those who were partners during the tax year audited.
Ely said Hecht’s explanation of the push-out issues at the state level convinced him that the group ought to slow down, as so many things are contingent on IRS guidance and possible congressional technical corrections.
The complete article, “MTC Moving Toward Submitting Comments to IRS on Partnership Audits,” appeared in State Tax Notes on November 30, 2016. (login required)