Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
By Chris Marr
Georgia business partnerships facing tax audits will follow similar procedures at the state and federal levels after the state became one of the first to enact an audit law largely mirroring the new federal policy.
The state’s new partnership audit law takes effect immediately, now that Gov. Nathan Deal (R) has signed H.B. 849.
H.B. 849 largely conforms the state’s partnership audit procedures to those of a new federal audit regime taking effect for the 2018 tax year. The new federal law was created by the Bipartisan Budget Act of 2015. The new process generally centralizes federal audits at the partnership level, replacing a process of partner-by-partner audits.
Georgia’s law looks to be the first to largely conform to a model audit policy that a coalition of business-centric tax groups is working to finalize, the Council On State Taxation told Bloomberg Tax after the Legislature passed H.B. 849.
Legislatures in Minnesota and California are considering similar partnership audit bills.
Arizona, the first state to enact audit policies in response to the federal changes, has been criticized by business groups for acting too quickly and failing to address many of the technical wrinkles ironed out by the model audit statute that inspired Georgia, California, and Minnesota lawmakers.
Georgia’s governor signed the bill May 3. His office announced the bill signing May 8, the final day of his bill-signing period.
Georgia’s law sets deadlines for paying adjustments to the state and provides that a partnership’s federal representative would be considered to be its state-level representative too, unless the partnership notifies the Georgia Department of Revenue otherwise. H.B. 849 also clarifies that the final determination date—after which partnerships are required to make filings and adjusted payments—comes when all opportunities for appeal have been exhausted or waived.
To contact the reporter on this story: Chris Marr in Atlanta at email@example.com
To contact the editor responsible for this story: Ryan C. Tuck at firstname.lastname@example.org
Text of H.B. 849 is at http://src.bna.com/yDM.
Copyright © 2018 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)