MTC Sends Model Partnership Audit Statute to Public Hearing

The model partnership audit statute drafted by Multistate Tax Commission will be discussed in a public hearing. The hearing will be held for a draft version of the MTC’s’s proposed uniform statute on:

  • federal partnership audit adjustments; and
  • reporting adjustments to federal taxable income.

Information on the model statute project is available on the MTC website.

Reason for Uniform Statute

In 2015, Congress passed legislation requiring the IRS to generally conduct entity-level audits of large partnerships. States can use the proposed model statute to assess any additional tax that may result from federal partnership audit adjustments.

Hearing Details

The hearing will be held on October 15, 2018, at 2:00 p.m. (Eastern). It will take place at the Hall of the States, 444 North Capitol Street, N.W., Room 338, Washington, DC 20001.

Dial-in access to the meeting is also available by calling (719) 457-1414 and using conference code 258090#.

Anyone making an oral presentation is asked to file written comments in addition to their oral presentation. The MTC requests that written comments be received by Loretta King no later than October 11, 2018. The comments may be sent by:

  • e-mail to lking@mtc.gov; or
  • U.S. mail to Loretta King, Multistate Tax Commission, 444 N. Capitol Street, N.W., Suite 425, Washington, D.C. 20001-1538.

Future Action

After the public hearing, the hearing officer will make a recommendation to the MTC’s Executive Committee on the proposed model statute.

Multistate Tax Commission, Executive Committee Meeting, September 12, 2018

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CCHTaxGroup

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