21 August 2019 Why private equity funds should take a closer look now at designating a partnership representative for tax purposes As many private equity (PE) funds, management companies and partnership portfolio companies complete their tax year 2018 US filings, there is a renewed focus on the partnership representative designation under the new Internal Revenue Service (IRS) partnership audit rules under the Bipartisan Budget Act (BBA) regime. Due to the substantial responsibilities and authority vested in the partnership representative, PE fund general partners and fund management should understand potential business implications when making the designation or assuming the role. This EY article, attached below, outlines the new BBA audit rules and key considerations for PE funds in selecting a partnership representative.
Document ID: 2019-1505 |
