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Montana: Proposed Rules Address Reporting of Federal Partnership Audit Adjustments under BBA
Proposed Mont. Admin. Rules 42.15.314, 42.23.303, Mont. Dept. of Rev. (7/22/22). The Montana Department of Revenue (Department) released proposed rules reflecting legislation enacted in 2021 [see H.B. 53 (2021) for more details on the legislation] that addresses how and when some partnerships must report federal tax adjustments to the Department in response to changes in the federal partnership audit and adjustment process under the federal 2015 Bipartisan Budget Act. According to the Department, the proposal is patterned after the Multistate Tax Commission’s “Model Statute for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments.” Comments on the proposals are due by August 22, 2022, and a related public hearing is scheduled for August 15, 2022. Please contact us with any questions.
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