Advisory group presses DOR for K‑1 reporting rules as IRS data arrives with years' lag
Members urged DOR to require more robust state K‑1s or entity filing because IRS information sharing is slow; DOR confirmed federal matching can lag years, so state reporting and alternative verification will be necessary for timely compliance.
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The group spent a substantive block on who should provide information returns and how the Department of Revenue will verify reported items. DOR staff warned that tax‑return information obtained from the IRS typically arrives with multi‑year delays and that the department could not rely on immediate federal matching for early implementation years.
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