All partnerships are required to nominate a Partnership Representative in accordance with IRS regulations governing partnership audits. Their responsibility is to reply to any requests for audits that might be made. After then, the Partnership Representative coordinates affairs on behalf of the partnership with the IRS.
This involves managing extensions of the statute of limitations and resolving disputes on the partnership’s behalf, as well as completing audit obligations by coordinating the information required. For the benefit of the collaboration, this will necessitate collaborating with and managing all external stakeholders (partners and others).
As your Partnership Representative, we can make sure you’re informed about the potential for partnership audits and that you have a partner available to help with any individual IRS examinations. This partner will include a group of excellent tax experts with experience collaborating with the IRS who can reduce tax risks and address audit issues.