On December 18, 2017, State Tax Notes honored TEI’s role in a joint industry task force working to create a model revenue agent report (RAR) statute, which State Tax Notes featured as its “Project of the Year.” The task force, comprising representatives from TEI, the American Bar Association’s state and local taxes committee, the American Institute of CPAs, the Council on State Taxation, and the Institute for Professionals in Taxation (collectively the Interested Parties), was created following the passage of the centralized federal partnership audit regime (CPAR). CPAR fundamentally changes the manner in which the IRS will audit and assess partnerships and their partners. The Interested Parties recognized that states will need to modify their own RAR rules to address the new CPAR procedures and thus developed a comprehensive model statute designed to provide more uniformity for reporting all federal changes, including those arising under CPAR. TEI Tax Counsel Pilar Mata represents TEI in the Interested Parties’ efforts.
You can find the link to the State Tax Notes article on TEI’s website.