|
SB 521 - For all tax years beginning on or after January 1, 2018, this act provides that a partnership that is audited by the Internal Revenue Service and that is assessed an imputed underpayment shall pay income tax on such adjustment rather than passing the adjustment through to each partner. Such tax shall be at the highest rate of income tax imposed on individuals. Such partnership shall file a return on a form prescribed by the Director of Revenue for the reviewed year within ninety days after the final determination of the partnership adjustments by the Internal Revenue Service. JOSHUA NORBERG
|
