Page 60 - The TEFRA Partnership Audit Rules Repeal:
P. 60
Partnership Agreement Provisions (cont.)
Provisions on the Selection and Removal of the Partnership Representative (cont.)
• The partnership agreement might specify other qualifications of the partnership representative (cont.)
• Multiple Questions:
− What notices from the partnership representative is partnership
management entitled to receive?
− What notices from the partnership representative are the partners entitled to receive?
− What agreements will the partnership representative be entitled to make on behalf of the partnership?
− Are these agreements subject to prior ratification by the partnership?
− 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?
Copyright © 2016 Kostelanetz & Fink, LLP Coming changes to IRS Audits of partnerships 51
