State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on why a Georgia proposal to update federal partnership audit rules to conform to the Internal Revenue Code was withdrawn. Tax practitioners have been urging states to wait for the final federal policy to take shape, hoping that Congress will pass technical corrections legislation to clean up the complex audit regime. A coalition of business and tax accounting organizations—including the Georgia Chamber of Commerce, Georgia Society of CPAs and the Council On State Taxation—urged the Georgia Legislature and all states to postpone conformity bills until there was greater clarity at the federal level.
“The group encouraged the subcommittee to shelve the conformity language but consider forming a joint task force to take an in-depth look at the myriad state issues and perhaps come back next Spring with an agreed-upon bill,” said Ely, co-chairman of the American Bar Association's State and Local Tax Committee Task Force. “Let's just hope that Congress and Treasury get their ducks in a row by year-end.”
The complete article, “Georgia Partnership Audit Bill Withdrawn,” appeared in Bloomberg BNA on February 17, 2017. (login required)