State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on amendments proposed to the Multistate Tax Commission's model state law for reporting federal audit adjustments in response to concerns arising out of the new federal partnership audit regime.
The proposal is designed to address the state and local impact from changes to the federal partnership audit procedures. Practitioners have recognized that state and local taxing jurisdictions will be required to substantially amend their statutes for reporting audit adjustments in light of the federal legislation—known as revenue agent report (RAR) laws.
“‘No two snowflakes are alike’ also applies to state RAR statutes,” said Ely, co-chair of a task force of the ABA tax section's SALT committee. RAR statutes “are widely divergent and sorely in need of uniformity—even if there wasn't the need to conform them to the new federal partnership audit rules and their rollout,” he added.
The complete article, “Groups Offer Model Law on Federal Partnership Adjustments,” appeared in Bloomberg BNA on December 15, 2016.