Tuesday, December 11, 2018
DMS ALERTS – Have You Appointed Your U.S. Partnership Representative? What You Need To Know

The new partnership audit rules of the U.S. Internal Revenue Service (IRS) will replace the Tax Matters Partner and require partnerships to appoint a Partnership Representative for each tax year. The Partnership Representative will have to be named on the partnership tax return (Form 1065) effective for tax years beginning 1 January 2018.

These new partnership audit rules apply to any domestic or foreign partnership, including any foreign entity such as a Cayman Islands fund treated as partnership under IRS rules, that is required to file a partnership return (U.S. Form 1065) in the United States.

 The Partnership Representative must be a person with a substantial presence in the United States. A substantial presence requires the Partnership Representative to have:-

  • a U.S. taxpayer identification number
  • a U.S. telephone number and a U.S. street address
  • be available to meet in person with the IRS at a reasonable time and place and
  • if the Partnership Representative is an entity, the partnership must appoint na individual who meets the substantial presence requirements to act as the “designated individual” of the entity serving as Partnership Representative

The Partnership Representative has the power to bind the partnership and all partners with respect to the audit process, so DMS recommends that every partnership should select and appoint its own partnership representative. If a partnership does not appoint its own partnership representative, the IRS can select any person to serve as Partnership Representative with the power to bind the partnership and all its partners.

THE DMS PARTNERSHIP REPRESENTATIVE SOLUTION

DMS provides Partnership Representative solutions that meets all IRS requirements. Our team has extensive experience in U.S. tax and compliance matters working directly with many leading U.S. tax professionals and investment managers. As partnership representatives, we work closely with general partners and professional advisors to ensure any actions are taken in the best interests of the partnership.

KEY DIFFERENTIATORS OF DMS PARTNERSHIP REPRESENTATIVE SERVICES

– SCALE AND LENGTH OF SERVICE

Visibility and access to best global fund governance + risk + compliance practices;

18+ years delivering market leading solutions to the investment management community

– POOL OF EXPERIENCED PARTNERSHIP REPRESENTATIVES

A pool of highly skilled and experienced compliance specialists with extensive;

fund governance and regulatory experience

– GLOBAL FIRM WITH LOCAL KNOWLEDGE

8 global locations servicing clients across 6 time zones with a robust U.S. presence

For additional information, please contact your usual DMS professional or any one of our team to assist you in evaluating your service options.

https://dmsgovernance.com/

Logotipo do Compliasset

Somos o software de gestão de Compliance regulatório, Integridade e Privacidade líder no mercado de capitais.


Canal de Denúncias

Denuncie Irregularidades

Canal de LGPD para os titulares de dados que a Compliasset controla

Faça um pedido

Fique por perto

Histórias de inovação na área de Compliance. Os casos que apresentamos aqui são contados por pessoas que estão no dia-a-dia do Compliance das mais variadas organizações.

Debates com referências do mundo jurídico e de Compliance. Um papo dinâmico conduzido por Nicole Dyskant com foco em inovações, desafios e insights.

Histórias de inovação na área de Compliance. Os casos que apresentamos aqui são contados por pessoas que estão no dia-a-dia do Compliance das mais variadas organizações.

Debates com referências do mundo jurídico e de Compliance. Um papo dinâmico conduzido por Nicole Dyskant com foco em inovações, desafios e insights.



Compliasset Software e Soluções Digitais Ltda. Todos os direitos reservados