Of the 27 states that told the FTA that they conform
or were likely to conform
to IRC Sec.
Nevertheless, to encourage existing partnerships to change their tax years to conform to the final regulations, Treasury and the IRS have retained the Temp.
Partnerships who wish to conform also get transitional relief in the form of a four-year spread on income "bunched up" by these rules.
529 plan withdrawals will no longer be taxable for California income tax purposes, which conforms
to the federal change.
However, amended returns would have to be filed and adjustments made if the legislature decides not to conform
, the department advised.
Until California tax law conforms
, matters that are deemed confidential at the federal level are discoverable for state tax purposes.
Legislation enacted during 1997(5) permits the formation of SMLLCs and requires the DOR to conform
to the Federal tax classification of multi-member LLCs, but classifies an SMLLC as a partnership.
Cities, municipalities and private businesses are facing increasing legal pressure from individuals and disability advocacy groups to make sidewalks and curbs conform
to ADA requirements.