Partnership Audit Rule Freeze Causing Confusion For States
Law360, New York (February 17, 2017, 8:20 PM EST) -- A federal freeze on new and pending regulations is forcing states to delay introducing legislation to conform with a new federal law for auditing partnerships, leaving taxpayers with unanswered questions on if, when and how to amend their partnership agreements.
States wanting to bring their tax laws in line with a new federal system for auditing partnerships, which assesses and collects tax at the partnership level instead of at the level of individual partners, have been stopped in their tracks following an executive order from President Donald Trump halting all rulemaking activities, with some exceptions for health, national security and other...
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