State and Local Tax (SALT) attorney Bruce Ely was quoted in the Bloomberg BNA Daily Tax Report on updates to a proposed model state statute that should better link it to new Internal Revenue Code sections that prescribe partnership audit and assessment rules. Conformity of state regulations with the federal code in the realm of partnership audits is “one of the guiding principles” of the model-statute effort by a coalition of interested parties, explained Ely. A coalition of business and tax practitioner groups persuaded the Multistate Tax Commission's Uniformity Committee and Partnership Work Group to use their model statute as a starting point for a MTC model act.
“What we're hoping to avoid is dueling model acts,” said Ely, who co-chairs the American Bar Association's State and Local Tax Committee task force on the state implications of the new federal partnership audit rules. “If we can march arm-in-arm to the various state legislatures next spring and pass a uniform bill, it'll be a win-win for taxpayers and the states.”
The complete article, “New Model Out on Partnership Audit Adjustments for States,” appeared in the Daily Tax Report on September 29, 2017. (login required)