Income/Franchise:
Montana: New Law Addresses State Treatment of Federal RARs & Partnership Audit Regime Changes
H.B. 53, signed by gov. 3/31/21. New law addresses how and when some partnerships must report federal tax adjustments to the Montana Department of Revenue (Department) in response to changes in the federal partnership audit and adjustment process under the federal 2015 Bipartisan Budget Act – providing updated procedures, processes, and deadlines for reporting certain partnership-level adjustments that result from federal tax changes, as well as for paying any associated taxes due, at the partnership level. The new law also contains rules for state reporting of federal adjustments to the taxable income of individuals and corporations. Overall, the legislation generally aligns with many provisions under the Multistate Tax Commission’s “Model Uniform Statute for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments.” Please contact us with any questions.
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