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ARTICLE · 12 MARCH 2019

What You Need To Know About US Partnership Representative Requirements

Intertrust
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If you're a fund manager of a partnership investing in the United States, you need to prepare for new audit rules enacted by the IRS.

United StatesAccounting and Audit
Michael Secondo
Michael Secondo
Richard Ruffer
Richard Ruffer
Ciara Smith
Ciara Smith

Are you prepared for a conversation with the IRS?

If you're a fund manager of a partnership investing in the United States, you need to prepare for new audit rules enacted by the IRS. Whether you're in the US or somewhere else around the globe, you'll need to appoint a Partnership Representative (PR) to manager the audit process with the IRS. The catch? The PR needs to have a substantial presence in the US. We've answered some common questions and are prepared to help you further.

What exactly does "Substantial Presence" in the US mean?

Your PR will need to be available to meet in person with the IRS at any reasonable time and place, have a US tax payer ID, and a phone number and address in the US.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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