On June 13, 2017, TEI issued a new policy statement regarding the state implementation of the federal partnership audit rules. The policy statement provides an overview of the new federal rules, which go into effect for taxable years beginning after December 31, 2017, and addresses recommendations regarding how such rules should be integrated at the state level. The policy statement informs the drafting of a model statute for reporting all federal audit adjustments, including partnership audit adjustments, that TEI has worked on collaboratively with COST, the ABA’s SALT Committee, the AICPA, and IPT.
TEI's policy statements reflect TEI's position on important administrative and procedural issues, and facilitate advocacy by providing formal position papers TEI's members can use when communicating with taxing agencies. This policy statement was prepared under the aegis of TEI's State and Local Tax Committee, whose chair is Jamie Fenwick. TEI Tax Counsel, Pilar Mata, coordinated the drafting of the policy statement. Other policy statements generated by the Committee can be accessed on the State and Local Tax Committee's page.