Page 253 - The TEFRA Partnership Audit Rules Repeal:

ALI CLE Live Video Webcast / “The TEFRA Partnership Audit Rules Repeal: Partnership and Partner Impacts” June 7, 2016, Jerald David August and Terence Floyd Cuff
 What restrictions limit the partnership representative’s ability to conduct the audit?
 Does the partnership representative choose the accountant who conducts the audit?
 Does the partnership representative choose counsel for the audit?
 How does the partnership representative fund the audit?
 How does the partnership representative fund the audit if
the partnership does not have adequate funds?
 What is the compensation that the partnership representative receives? How is this compensation determined and revised?
 The partnership agreement might contain provisions governing the conduct of the audit if the partnership has ceased to exist. This might include:
 Funding the audit and possible judicial proceedings.
 Funding the assessment.
 Bank accounts.
 Who controls the partnership representative after the partnership has ceased to exist?
 Who controls appointment, removal, and replacement of the partnership representative after the partnership has ceased to exist?
 Who receives notices and communications from the partnership representative after the partnership has ceased to exist?
 What is the compensation of the partnership representative after the partnership has ceased to exist?
 Who do partnership counsel and the accountants represent after the partnership has ceased to exist?
 What are the indemnification provisions after the partnership has ceased to exist?
© Terence Floyd Cuff and Jerald David August, 2016
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