Scott Smith, national practice team leader for state and local tax at BDO, joined for a video interview at REITWise 2017: NAREIT’s Law, Accounting & Finance Conference in La Quinta, California.

Smith urged REITs to continue to monitor the potential impact on state taxes resulting from comprehensive tax reform and try to plan accordingly. He also noted that states are taking a wait-and-see approach to federal legislation effective in 2018 that will change procedures for how the Internal Revenue Service conducts partnership audits.