State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on the risk of multiple state responses to the new IRS partnership audit rules. The potential for 50 varying approaches to the overhauled federal regime could complicate the adoption of the new administrative procedures.
“What we don't want is 50 different state responses,” Ely said during a panel at an American Bar Association Section of Taxation meeting. “And we don't want all the snowflakes to be different.” Ely expects a technical corrections bill from Congress this year to clarify components of the original legislation.
The complete article, “ IRS Partnership Audit Regime Risks Multiple State Responses,” appeared in Bloomberg BNAon January 10, 2017. (login required)