Bradley attorney Bruce Ely was quoted in Law360 on preparing for changes in the federal partnership audit regulations that are set to take effect in three weeks. Given these changes, as well as the pending changes in the tax reform bill currently being hurried through Congress, tax professionals need more time to comply with it all, explained Ely.
“Those of us who have been doing this a long time have difficulty getting our heads around the idea that a partnership now becomes like a C-corporation. It’s a taxable entity, a taxpayer. The states don’t know what to do with that,” he said.
He added that a delay in partnership audit rules will likely “go on the back burner” while states decide how to react to the many issues that are trickling down from the federal bill.
“State legislatures start meeting Jan. 9 across the country,” Ely said. “Right now the uncertainty is if [partnership audit regulations] will be delayed by a year, because if it’s not, you’ll have so many gaps.”
The complete article, “Tax Pros See ‘Panic’ As New Partnership Audit Regs Loom,” appeared in Law360 on December 4, 2017.