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Model state approach to federal partnership audits

Journal of Accountancy, 2018-12, Vol.226 (6), p.60-60

Copyright American Institute of Certified Public Accountants Dec 2018 ;ISSN: 0021-8448 ;EISSN: 1945-0729

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  • Title:
    Model state approach to federal partnership audits
  • Author: Sherr, Eileen Reichenberg
  • Subjects: Apportionment ; Audits ; Partnerships ; Redistricting ; State taxes ; Tax audits ; TEFRA 1982-US
  • Is Part Of: Journal of Accountancy, 2018-12, Vol.226 (6), p.60-60
  • Description: Anew federal law and process for federal audits of partnerships will likely require states to amend their laws to ensure their tax agencies can administer state taxes in conjunction with the new federal regime. With the many state tax issues involved, the AICPA worked with several organizations over the past two years to develop a model state statute for reporting federal tax changes to the states, including the new partnership audit process. GUIDING PRINCIPLES AND ISSUES ADDRESSED IN THE MODEL STATUTE The guiding principles behind the model statute, and the issues that state CPA societies should consider as they work with state legislatures and tax authorities, are: * Allow a partnership the ability to make different elections under the regime for state purposes than the partnership makes for federal tax purposes. * Base the apportionment and allocation of the federal adjustment on the apportionment and allocation factors of the reviewed year. * Where the partnership elects to pay the tax, apply apportionment factors at the partnership level for all adjustments allocable to all partners except direct resident partners. * For tiered structures, allow flexibility and options to each tier for reporting and payment elections that mirror the federal options. * For administrative ease, offer partnerships the ability to use alternative reporting and payment solutions subject to state approval. * Provide for a single partnership representative for all states regardless of the state of residence of the partnership representatives.
  • Publisher: New York: American Institute of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0021-8448
    EISSN: 1945-0729
  • Source: Alma/SFX Local Collection
    ProQuest Central
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