State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on a bill from the Montana Legislature proposing revisions to reporting adjustments in compliance with new IRS partnership audit rules. The measure would impose new reporting requirements for partnership returns with federal adjustments and include new payment deadlines applying to tax years beginning after Dec. 31, 2017. Ely said that he wishes Montana and other states would ‘‘slow down and take a wait-and-see approach.’’
‘‘It would be a shame if they go ahead and pass a bill that’s already out of sync with federal rules,’’ Ely said, noting that Arizona passed similar legislation in May. ‘‘We don’t want states marching off a cliff like lemmings.’’ He said it would be preferable for states to wait until next spring before passing conforming legislation.
The complete article, “Montana May Be Second State To Adopt New IRS Partnership Rules,” appeared in Bloomberg BNA on January 4, 2017.