State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA Daily Tax Report on finalizing a model statute regarding partnership audits. A coalition of interested parties that includes the Council On State Taxation, the Tax Executives Institute Inc., the Institute for Professionals in Taxation, the American Institute of CPAs, and a task force of the American Bar Association tax section’s State and Local Tax Committee have proposed a model uniform statute and regulation and presented it to the Multistate Tax Commission (MTC) for its review.
“Each of the interested parties will soon ask for official approval from our individual organizations, so we are looking for MTC feedback on it,” said Ely, co-chair of the ABA State and Local Tax Committee task force.
The interested parties hope that the MTC, which itself develops model acts, will give the model statute its blessing in time for the coalition to provide a final version to state lawmakers around the country by November, when some state legislative committees begin meeting. Right now, the MTC and the interested parties continue to iron out details and address concerns that states have with the draft model.
Ely said he hopes the interested parties and MTC can approach state lawmakers “arm and arm” to avoid competing proposals.
The complete article, “Model Partnership Audit Law for States Soon to be Finalized,” appeared in Bloomberg BNA on October 13, 2017. (login required)