Charles Ruchelman Comments on Montana CPAs Opposing Partnership Audit Legislation
The Montana Society of Certified Public Accountants has come out in opposition to a bill (H.B. 47) before the state Legislature addressing new rules for partnerships with tax returns adjusted by the Internal Revenue Service.
Charles M. Ruchelman of Caplin & Drysdale, Chartered, told Bloomberg BNA it's good for states to be considering legislation now. Ruchelman maintains a blog on his firm's web site that provides information on the “partnership representative” rules and other elements of the new partnership regime.
“A pure wait-and-see approach is probably not what I'd recommend,” he said. “We've been under ‘wait-and-see’ since the BBA was enacted at the end of 2015, and now here we are at the end of January 2017. The effective date is Jan. 1, 2018, so we're 11 months away.”
“If I were an administrator in a state tax department, I would start looking at the current law—the 2015 BBA—and be thinking about drafting conformity legislation with the federal law,” he said.
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Excerpt taken from the article “Montana CPAs Oppose Partnership Audit Legislation” by Tripp Baltz for Bloomberg BNA’s Tax Management Weekly State Tax Report™.