By Harve Lewis, director, and Norlyn Miller, Jr., director, Washington National Tax, KPMG LLP | Sept. 26, 2011
This edition of What's News in Tax focuses on the rights, responsibilities, and duties of the Tax Matters Partner (TMP). Additionally, it discusses what should be considered when designating the TMP, and alerts tax partners about what they should know before agreeing to be the TMP.
The TMP is the central figure in administrative and judicial proceedings involving a TEFRA partnership and is obliged to keep partners informed of all proceedings. In addition, the TMP is the focal point for the IRS during an audit.
The TMP is empowered to enter into settlement agreements during the administrative proceedings and execute statute extensions on behalf of the partnership. The selection of the TMP to represent the partnership can have far-reaching consequences and therefore must be made diligently and carefully.Read Do You Really Want to Be the Tax Matters Partner?
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