Appointing Your Partnership Representative: Tax, Regulatory and Practical Considerations
Presented by FEA Networking Groups
Though enacted in 2015, the rules on partnership tax audits finally are effective this year. Rather than a tax matters partner, these rules require every partnership to have a partnership representative. Pepper partners Steven D. Bortnick and Julia D. Corelli will address tax, regulatory and practical issues surrounding the new IRS regulations on the appointment of a partnership representative including:
- What the final IRS regulations provide, and the questions remaining to be answered
- Who can serve, and how to designate and replace the partnership representative
- How can a designated representative resign
- Indemnification Issues
- Ensuring proper insurance coverage
- Whether LPAs must be updated, and what they should say
- Internal procedures to protect the partnership representative and the GP