Partnership Representative

The Department of the Treasury and Internal Revenue Service released their latest priority guidance plan on October 20, 2017. Part 3 of the plan addresses the Partnership Audit Regulations and the new rules the agency wants to implement to form a new partnership audit regime. Interestingly, the guidance identifies the need for “Regulations addressing push out election by tiered partnerships.?? The need for such guidance has been a critical concern from industry practitioners.

The Multistate Tax Commission (MTC), an organization that develops uniform tax laws for states, will soon provide formal feedback to a coalition of industry groups finalizing a model statute regarding partnership audits.

Interested parties have proposed a model uniform statute and regulation and presented it to the MTC for its review.  The proposed model is designed to promote uniformity among states conforming with the new federal partnership audit regime, thereby aiding multistate entities with compliance. The interested parties hope that the MTC, which itself develops ...