Overview
Peter Faber, speaking at the National Multistate Tax Symposium on February 5 and 6 in Orlando, Florida, highlighted the potential compliance headache that would result if more states start to “go behind” IRS post-closing agreements scrutinizing intercompany debt. He said it is a “waste of everybody’s time” for a state to “re-audit the same issue” that the IRS audited, and suggested that it is also unproductive given states’ concerns over resource use.