Bradley attorney Bruce Ely was quoted in Law360 on the final stages of the Multistate Tax Commission's model statute that addresses how states could handle partnership audits in the wake of new federal audit rules.
Ely explained that the model statute could be adopted in at least 40 state legislatures in 2019. The states will be looking to change their tax laws to accommodate different federal audit rules for groups such as partnerships and limited liability companies.
“Be proactive, start meeting with [departments of revenue], start meeting with legislatures to get these things queued up and prefiled,” said Ely, a principal author of the model statute, who spoke on a panel addressing pass-through entities.
The model partnership audit statute was developed by a group of tax professionals known as the Interested Parties that includes representation of the American Bar Association SALT Committee, the Council on State Taxation, the Tax Executives Institute and the American Institute of Certified Public Accountants.
The group has been working for two years on a model law for states, and several developments in the last 10 days have suggested the finish line is in sight, Ely said.
“We’re on the way,” he said. “I think it’s done.”
The complete article, “Model Statute For Partnership Audits Almost Set, Panelist Says,” appeared in Law360 on October 18, 2018.