Partnership Representative Services

This law has been in effect for tax years beginning after December 31, 2017, and applies to any domestic or foreign partnership that is required to file a US partnership return (Form 1065). This can be the partnership itself, another entity, or a disregarded entity (powers of attorney are not acceptable). However, if another entity is chosen, it also must appoint a designated individual for each tax year. The Partnership Representative and any Designated Individual must maintain a “substantial presence” in the US as defined by the updated centralized audit regime.

We provided trusted and knowledgeable services as Partnership Representatives to limited partners, general partners and limited liability companies.

Our Advisory Services

• Analysis of the centralized audit procedures and who they apply to
• Advice on opt outs or changing the representative

Our Compliance Services as Partnership Representative

• We meet the required Substantial Presence Test.
• We designate a named individual on US partnership tax returns for each taxable year
• We liaise with the partnership’s legal representation to ensure regulations and requirements are met
• Our agreement makes it clear that we do not act without express instruction from our client
• In the event of an audit, USTAXFS will defer to the firm’s local US accountant but are happy to assist to facilitate timely responsiveness where requested

Trusted and knowledgeable Partnership Representative services

It is strongly recommended that entities appoint an experienced Partnership Representative. If a partnership does not appoint its own representative, the IRS can select any person to serve as its Partnership Representative. The Partnership Representative has the power to negotiate with the IRS and any agreement signed with the IRS by the Partnership Representative is binding on behalf of the partnership and the partners. Contact us to find out how we can become your Partnership Representative.