Bradley Partner Bruce Ely Quoted in Law360 on Legislative Model for Partnership Audits at the State Level
State and Local Tax (SALT) attorney Bruce Ely was quoted in Law360 on a draft of statute language covering how partnership audits would be handled at the state level, a legislative model crafted by a group of practitioners from organizations such as the Tax Executives Institute Inc., the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA). The model legislation includes how tax adjustments would be reported and is designed to be a uniform statute that states can graft into their existing laws, with certain state-specific modifications.
Ely, co-chair of the ABA Section of Taxation's state and local tax task force and one of the model's principal authors, explained that the goal is for the draft to be finalized by November, which would allow time for state legislatures and revenue departments to make changes before a new federal audit regime goes into full force in January 2018.
"Next spring, all heck is going to break loose at state legislatures," Ely said. "The fear is that states will each go a different way."
The complete article, “Tax Pros Float State Law Model For Partnership Audits,” appeared in Law360 on June 8, 2017. (login required)