States Eager to Act Must Wait for Model Law on Partnership Audits

Alysse McLoughlin, who is one of the practitioners working on a model partnership audit statute that reflects the new tax bill, urged that “it would be much better for states to wait to adopt new rules [that] are more likely to be consistent among the states. This area is already so complex for taxpayers, and layering on different reporting and payment requirements among the states will just increase the burdens on taxpayers of trying to comply.”